Get Assisted By A Mortgage Expert To Qualify For The FHA Home Refinance Loan by loansstore

VIEWS: 18 PAGES: 1

									Get Assisted By A Mortgage Expert To Qualify
     For The FHA Home Refinance Loan
Due to current economic upheaval especially housing market crisis as well
as increasing level of financial hardship, millions of homeowners are
finding it challenging to keep up with their monthly mortgage payments. To
get rid of mortgage repayment terms which are unfavorable to your
affordability, you can refinance your mortgage with FHA Home Refinance
Loan Program, also known as FHA streamline refinance program. Eligible
borrowers can avoid possible foreclosure by refinancing their mortgage
under this program. But, applicant must conduct thorough research on how
to qualify for this type of refinancing earlier before applying for the same.

FHA refinance streamline program is applicable to mortgage which is FHA insured. Distressed homeowner must be current
on his mortgage payments, not delinquent to qualify for it. One of the main benefits of the program is that documentation
and underwriting process gets reduced here greatly. Instead of getting entangled into worsening financial situation and
default or foreclosure, it could be a sensible decision to refinance your existing mortgage with FHA refinance loan so that
you can get lower interest rates and affordable monthly payments which you afford to pay.




President Obama’s FHA Short Refinance is also what you must be looking for to get rid of unmanageable mortgage
repayment terms. It is designed to help homeowners get more favorable, affordable and stable FHA-insured mortgage. If
you qualify for this program, mortgage lender will reduce the amount you owe on your first mortgage. The reduction will
not exceed 97.75% of your home’s current value. To qualify for the FHA Short Refinance Program, borrower needs to
follow some eligibility guidelines:

1.   Homeowner must owe more than his home’s worth.
2.   Homeowner should be current on his mortgage payments.
3.   Homeowner must be occupying his house as his primary residence.
4.   Homeowner’s total debt does not exceed 55% of his gross monthly income.
5.   Homeowner should not have been convicted of theft, fraud, forgery, tax evasion, etc. in connection with mortgage or
     real estate transaction in the last 10 years.

                                       With purpose of helping millions of underwater homeowners to take advantage of
                                       modification, refinancing and foreclosure alternatives, the President has introduced
                                       many programs including Home Affordable Modification Program, Home
                                       Affordable Refinance Program, Second Lien Modification Program, Principal
                                       Reduction Alternative, etc. These programs are tailored to support all kinds of
                                       mortgage troubles and help stressed homeowners reduce or eliminate rising burden
                                       of unfavorable mortgage payments.

                                         Thus, there are many refinance and modification options you can explore when you
                                         start your online research on the same. Federal government has made it a point to
                                         support homeowners by allowing them to have a restructured mortgage product that
                                         they can manage. It could be in your best interest to engage a mortgage expert who
                                         can help you in exploring your refinance options, selecting the program suitable to
                                         your requirements, prepare your application and explain you how to qualify for the
same. All these aspects will be part of easy and smooth process too if you have an expert to assist you throughout.

								
To top