2nd mortgage question or refinance

[Anonymous]

First i'll give some details

1st- owe 133,000

2nd- owe 16,500

scores 552-582-621  last week scores

fha appraisal 160,000

dti-43

but have a 6 month penalty on the 1st morgage that would equal around 6500

any chance of a refinance to combine without a out of pocket expense in the thousands?

2nd option is a 2nd mortgage and pay off the other 2nd, and build on.  adding square footage.

it would add 2 more car garage and 1 bedroom and 1 bathroom in my plan.  but would need a 2nd mortgage large enough to pay off 2nd also. and would take the 1st and 2nd to a ltv of 97 percent.  anyone around that would do this?

1st mortgage interest rate is 10

2nd mortgage interest rate is 16

any suggestions greatly appreciated or offers to help

credit low due to bk 28 months ago, completely re-established since,  home, ccards, vehicle loans since.  no lates on them at all.  bk was medical.

[ShanetheMortgageMan]

Only option right now would be a 1st mortgage refinance.  2nd mortgages require strong scores (at least a 660, most require 680 or 700), usually only go to 80% or 90% CLTV, and most require 4 to 7 years from a BK discharge.  You can do a 1st mortgageFHA 203k rehab loan, pay off your existing mortgages, get the money you need to add on.  Most FHA 203k loans are requiring a 620 score so you have a little ways to go.  Your debt to income ratio might be a little bit high but I think if you have decent equity afterwards that would be enough of a compensating factor to approve it.

[BrianB_The_Loan_Professor]

I agree with Shane on this you have some work to do first you may want to wait the 6 months and then refi too