Can i refinance my house even though its under the purchased value?

Fannie
The more important issue is appraised value. If the value of your house is under appraised value, there is no way you can refinance it. Many lenders won't refinance unless you have 80% of appraised value.

Alix
Most lenders today will lend 80% of Todays value .If your mortgage is paid down to that level, You could find a refi-lender, Otherwise you're looking for an ice cube in the desert .>

Migdalia
No. That is considered negative equity. No mortgage company will take that gamble especially in this market.

Chery
I think not, However consult a reputable lender to investigate your options.