Federal Housing Administration (FHA) announces Underwater Loan help!
The Administration announced adjustments to Federal Housing Administration (FHA) programs that will permit lenders to provide additional refinancing options to homeowners who owe more than their home is worth (Underwater) because of large falls in home prices in their local markets. These adjustments will provide more opportunities for qualifying mortgage loans to be responsibly restructured and refinanced into FHA loans as long as theborrower is current on the mortgage and the lender reduces the amount owed on the original loan by at least 10 percent!
Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain 'underwater' non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
"We're throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined," said FHA Commissioner David H. Stevens. "This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product."
Don't be left out of the opportunity to refinance your 'Underwater" Loan now! Click here to apply to see if you can take advantage of the new FHA option. If you need more information you can always check out the FHA website or click here to contact us directly.
Disclaimer : This site is neither maintained nor run by the Federal Housing Administration (FHA). Information provided is for informational purposes only. Please consult with a realtor or lender to ensure the latest information. You can also contact us directly for more information.