subject: FHA Short Refinance Option for Your Existing Mortgage [print this page] From September 7, 2010, FHA will provide assistance to qualify for FHA borrowers who are "underwater" their home loans. FHA Short Refinance is an option open to those who are covered by the mortgage lender, but the current must agree to forgive at least 10% of the unpaid capital is the original message may associate the loan-to-value ratio must not exceed 115%. The new loan is FHA-guaranteed loan to value ratio up to 97.75%.
Non-FHA borrowers who meet these guidelines and qualifications of additional funds (see below) are allowed to apply to refinance into new FHA-insured mortgages. The program is not open on the original press release FHA to the start date of the option of refinancing short-FHA says the program should contribute to less than four million homeowners by the end of 2012.
The press release said the program FHA short refinance FHA is voluntary and requires the cooperation of all beneficiaries of a tax. This program does not automatically open to any homeowner who is underwater in a conventional mortgage, such As mentioned above; there is a requirement that the borrower is current with all mortgage payments. They should also be eligible for FHA short refinance with a credit rating of 500 or better and meet other conditions typical of FHA loans.
FHA Short Refinance is for borrowers who are underwater in the properties that are considered the principal residence of the borrower, and is intended only for non-FHA guaranteed loans. The borrower said he was under water in a conventional mortgage a property that is simply not worth the amount due on the note, usually because lower property values.
FHA Short Refinance Option for Your Existing Mortgage
By: Jeffrey Martino Young
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