Has anyone hear of an FHA loan that works near refinancing mortgages within overnight case you are "upside down" currently
I was told by a refinance.com agent that I may qualify to have an FHA loan to cover the remaining debt on my current mortgage since I am "upsode down" on my current mortgage, and desperately need to refinance. Is this possible? He explained that the government is trying to help individuals keep their homes and lets you borrow that money until the equity surrounded by the home returns. Is this true?
Answers:
I tried and even FHA secure did not cover loans that were over 95 percent within my area. There are more plans in the works, but they enjoy not been signed into law on the other hand.
Yes it is true. Go to www.fha.gov and click on FHA Secure on the gone side.
I am not sure what state you are in? There are HUD counselors available in your state to serve you negotiate with your lender and/or to find a refinance program for you. FHA does have looser LTV (Loan to Value) standards and are more predictable to work with someone with smaller quantity equity.
You are right that the government is working with folks to help them keep their homes, but you own to be proactive! Look up the HUD counselors in your area and they can further direct you as to some of these programs. Best wishes! Source(s): Real estate investor
Related Questions:
Can FHA loans be refinanced near a non-goverment mortgage company?
My daughter and son-in-law bought their first home about 10 years ago with an FHA loan. Obviously they be making a lower income at the time, but now they make a pretty open-minded living. The FHA loan payment has risen to over three...
Answers:
I tried and even FHA secure did not cover loans that were over 95 percent within my area. There are more plans in the works, but they enjoy not been signed into law on the other hand.
Yes it is true. Go to www.fha.gov and click on FHA Secure on the gone side.
I am not sure what state you are in? There are HUD counselors available in your state to serve you negotiate with your lender and/or to find a refinance program for you. FHA does have looser LTV (Loan to Value) standards and are more predictable to work with someone with smaller quantity equity.
You are right that the government is working with folks to help them keep their homes, but you own to be proactive! Look up the HUD counselors in your area and they can further direct you as to some of these programs. Best wishes! Source(s): Real estate investor
Related Questions:
Can FHA loans be refinanced near a non-goverment mortgage company?
My daughter and son-in-law bought their first home about 10 years ago with an FHA loan. Obviously they be making a lower income at the time, but now they make a pretty open-minded living. The FHA loan payment has risen to over three...