Nationwide Mortgage understands the growing demands of American consumers so we are always adding home loan programs so borrowers can be sure they are getting the best mortgage refinance and purchase programs.
Blogroll
FHA Refinancing
- This is a great FHA blog that provides mortgage updates for FHA lending products.
Government Mortgage
Check out the government loan programs from FHA, VA and the USDA.
Loan Modification
- Consider refinancing alternatives before foreclosure.
FHA Mortgage
FHA Mortgage
- Finance a New Home with only 3% Down
Last year the government rolled out the FHA Secure loan that was supoosed to help people save their home’s. Unfortunately the FHASecure is difficult to qualify for and very few lenders are providing access to the program because it is so risky. The FHA Secure was designed for people who had never been late on their mortgage payment prior to their ARM adjusting. Our loan officers have commented that is very rare to mind borrowers who are late on their adjustable rate mortgage who had a perfect payment history.
The other issue is that most FHA lenders require a 580 fico score and if a borrower is late on their mortgage, then their credit score is almost always below 580.
I have found similar results, as most of the investors I am working claim they offer FHA secure loans, but when it comes down to it, they make you jump through hoops that are so unreasonable that the refinance loan dies in the approval stage. I don’t think that our government or FHA for that matter understand the credit obstacles in the way of these homeowners refinancing into a mortagage that they can afford.
I have talked with hundreds of applicants who could use the FHA Secure, but there is always something that stops them for qualifying for a refinance loan. I believe that FHA should broaden the credit guidelines so that we could qualify for borrowers who would be in a position to afford their mortgage payment. This would also slow down the rate of foreclosures so that our real estate recession could go way for good!
FHA Mortgage Loans for Low Rate Refinancing & Purchase
Take advantage of low FHA rates available for mortgage refinancing and homebuying opportunities. Affordable FHA mortgages are available to borrowers who meet the FHA loan requirements.
Last year the government rolled out the FHA Secure loan that was supoosed to help people save their home’s. Unfortunately the FHASecure is difficult to qualify for and very few lenders are providing access to the program because it is so risky. The FHA Secure was designed for people who had never been late on their mortgage payment prior to their ARM adjusting. Our loan officers have commented that is very rare to mind borrowers who are late on their adjustable rate mortgage who had a perfect payment history.
2 Comments
May 5th, 2008 at 9:06 am
I have found similar results, as most of the investors I am working claim they offer FHA secure loans, but when it comes down to it, they make you jump through hoops that are so unreasonable that the refinance loan dies in the approval stage. I don’t think that our government or FHA for that matter understand the credit obstacles in the way of these homeowners refinancing into a mortagage that they can afford.
May 5th, 2008 at 9:17 am
I have talked with hundreds of applicants who could use the FHA Secure, but there is always something that stops them for qualifying for a refinance loan. I believe that FHA should broaden the credit guidelines so that we could qualify for borrowers who would be in a position to afford their mortgage payment. This would also slow down the rate of foreclosures so that our real estate recession could go way for good!