|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| Call Now: 800-310-7577 | Fax: (800) 647-8777 | Email Us | ||||||||||||||||||||
|
REALTOR HOME | |
FHA PROGRAMS & GUIDELINES | |
FHA PURCHASE PREQUAL | |
FHA REFINANCE | |
DOWN PAYMENT ASSISTANCE | |
FHA RESOURCES |
 FHA Rate Updates for 11/21/2008
APR based on 3.0% down payment on a $300,000 sale price
FHA
1.0% Borrower Closing Cost Credit
FHA Refinance
*LTV determined by purchase price or property
|
|
FHA SecureDo you need help with your mortgage?
Afraid you cannot refinance or that you'll face foreclosure? FHA may be able to help you!If you have an adjustable rate mortgage coming due or your interest rate is already too high, you owe it to yourself to look at the safe and affordable financing options provided by government insured mortgages through the Federal Housing Administration. FHA provides mortgage insurance on loan made by FHA approved lenders like More2Lend Financial throughout the United States.
How can FHA help homeowners stay in their homes?FHA Secure gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHA Secure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe.
Must I be delinquent in order to be eligible?No. FHA encourages homeowners facing reset to refinance before they fall behind. But even if you do fall behind, you may be eligible.
How far behind can you be on your mortgage to qualify? What about more than 90 days?There isn't a limit on how far behind you can be on your mortgage or how many payments you have missed. Whether you are current, one month behind or multiple payments behind, the amount you can refinance will depend on the value of your property, how much you owe, and if the lender or other eligible source, is willing to take back a second mortgage to bridge the gap between what is owed and your homes value.
I have an interest only mortgage. Am I eligible for FHASecure?Yes. If you are current on your mortgage you are eligible for a FHASecure refinance: and if you are delinquent, the default must have been due to payment shock of an interest rate reset, or in the case of a an Option ARM, the "recasting" of the mortgage to fully amitorizing.
What if I have a prepayment penalty and other refinancing costs and there is not enough equity in my home to refinance?If you do not have sufficient equity in your home to add your prepayment penalty and/or the other refinancing costs into your new FHA mortgage, then you should ask your current lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. If you need help, the loan professional at More2Lend Financial can you help negotiate with your current lender.
Are there any programs for people already in foreclosure?It is possible that FHASecure may help homeowners already in foreclosure, but each situation is unique and depends on the value of your home, how much you owe and if the lender is willing to offer a second mortgage or a short payoff.
What if the average home price is above the FHA loan limit in my area? Are the FHA loan limits changing for this program?FHA's geographical loan limits and how much it can insure are established by law. Although the FHA-insured mortgage cannot exceed those limits, when an existing lender is willing to carry back a concurrent second mortgage, the second mortgage can exceed the maximum loan limit for your area.
Does it matter that the value of my home is now less than what I still owe?Not to FHA, but the existing mortgage lender must be willing to consider accepting a short payoff on the existing loan (or) to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home's value.
Why should I consider refinancing into a FHA-insured mortgage?FHA-insured mortgages do not come with prepayment penalties; have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amitorized, meaning you pay toward principal and interest each month.If you have any questions, please send an e-mail to: FHA@more2lend.com (or) contact us at 800-310-7577.
FHA Loan Approval
|
|
|||||||||||||||||||||||||
 |
fha programs and guidelines | fha purchase prequal | fha refinance | down payment assistance | fha resources |
| realtor home page | retail home page | broker home page | about us | contact us | |
| © 2007 M&H Partners, Inc. | Phone: (800) 310-7577 | Fax: (800) 647-8777 | Email: FHA@MORE2LEND.COM |
