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.
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