CLTV 83%, Already refinanced once with streamlined - Zillow ...

Help! We purchased in 2004, with an 80/20. We did a streamlined refinance in 2011 for the larger loan, for the exact amount left on the loan, subordinating the second loan.
Now we are trying to consolidate the loans. I was told we no longer qualify for rate- and-term since we already did that refinance in 2011?! Something about we broke the link between the original 2 loans and the purchase of the house so a new refinance can ONLY be considered cash-out?! So our only option is cash-out, for which we don't qualify as we are at 83% CLTV. Does this sound right?

No.? This does not sound right.? Look...bust the 1st down in rate, and?we can do it at 95% CLTV.? With the 2nd combined, you can only be at 80% per any guidelines, but with values on the rise, you may likely appraise for 80% if you are at 83% now.? Let's just tackle that first for now, though, and contact us when you're ready.? There's no Origination Fee (1% in costs), as there is with most lenders, so you get to save a little bit of money, too.? Take care.

Source: http://www.zillow.com/advice-thread/CLTV-83-Already-refinanced-once-with-streamlined/490570/

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