How to refinance when I just moved in? [usda]

I moved in December 08.
It 's USDA, and while it's great, I would like to have my own say on the property.
Is it possible without equity to refi? I would do it if the prices were more than I am now at 5.75.
House value = 150k

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Best Answer: Gather up all your pennies and come up with 10% down for a new home.
And keep your loans and credit cards paid down as much as possible so you can have little debt…

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Reply:QUOTE I make enough to pay the entire mortgage without subsidy if the rate were 4.5%
Unless you buy down to that rate, 4.5% does not exist. I'm sure when you bought your home the terms were explained to you about the free money. Again, zero down and 5.75% on a mortgage in today's market? That is like hitting the lottery. It won't get much better than that.

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Reply:Than instead of changing your contract you just signed 2 months ago: How is this to "not have to worry about" Dont let anyone move in…. I understand though, kids are another story in the equation but you did go through them and got their subsidy to own your own home.. have to abide by their rules for that..

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Reply:Thanks for all the input folks!
I make enough to pay the entire mortgage without subsidy if the rate were 4.5%
The USDA pays 100.00 per month! I pay the rest. If I sell the house, I will have to pay back every penny of the subsidy. I'd rather not have to do that!
House value: 150K
Why do we have to report? They want to know the income of anyone in the house. If I had someone living here who had a job, and did not report it, I could get in SERIOUS trouble. I won't let anything like that happen to me. What I would love is not having to be concerned with that.

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Reply:http://edocket.access.gpo.gov/cfr_2008/jan…cfr3560.156.pdf
Can't have 8 kids and one bedroom, for example. I think it is more of a safety issue.

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Reply:Since you just got the mortgage 2 months ago with USDA direct and qualified for their subsidy(sp) it seems to me like the first question you should ask yourself is has your income situation changed enough so that now you could qualify for a mortgage on your own (without the subsidy)?

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Reply:You say kids are coming to stay, is it one kid or octuplets? Nevertheless, you signed the contract and whatever the contract says you must obey. You got a home with ziltch down and a killer rate.
Maybe the op or one of the resident broker/bankers can post the rules pertaining to occupancy. Better than speculating and hurting feelings.

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Reply: I doubt the USDA is going to say anything about your kids staying with you.
how would they know anyhow?

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Reply:I doubt the USDA is going to say anything about your kids staying with you.

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Reply:Okay, got it. Thanks for answering.
I see why you'd want to get that changed.
I wonder if you could qualify for USDA guaranteed?
Maybe one of the pros here can answer you–
I'm sure they'll want to your scores, time on job, value of house, etc., though.

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Reply:Sorry, "having my own say" means that I can have who ever I want living with me without having to report it.
Currently, I got the loan with the subsidy. If anyone moves in, I have to report it. If they move out, I report that. On and on it goes. I understand it completely. I really have no problem with that. It's just that with subsidy, you are always being monitored. Who want's to be monitored?
My kids are always "coming to stay" for a few months here and there.
If I could get refi'd with a lower interest rate, I would no longer be under the gov'ts thumb.
I hope I am making sense here.
If interest rates fall under 4.75%, would it be to my best interest to get out from under the USDA?

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Reply:Could you please elaborate what you mean about having your own say? I am doing a USDA loan right now (the guaranteed one) and would like to know what restrictions have been placed on you, if any?

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Reply:I'm guessing you have a USDA direct loan? I'm not sure what you mean by "have your own say." Wonder if you could do streamline into a USDA guaranteed mortgage? USDA and VA are the only ones with a zero down mortgage.

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