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  • Thread starter Thread starter sweet_caligirl
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sweet_caligirl

Guest
What is the name of your state? ca. How do you figure out your equity amount? My mother purchased the house back in 1983 and it was a fha loan and there is subidy attached to it. We are told if we take a home equity loan to pay anything more then just to refinance we will have to pay the amount of subidy and can't defer it. Do you know how the subidy is figured into the equity amount or if it is affected?
 


H

HUD-1

Member
Your mother may have a HUD/FHA 235 mortgage. (Assuming you are not referring to Farmer's Home/Rural Development) The interest rate on 235 loans was subsidized and there is a second mortgage that secures the subsidy. These loans are serviced for HUD by First Madison Services 800.967.3050 Based on a current appraisal, they can provide you with a payoff figure.
 
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