 |
FHA Government Mortgage Refinance
Government insured FHA mortgage refinance loans offer homeowners a fixed rate refinancing solutions with cash out and competitive interest rates.
We offer the FHA Secure program that enables borrowers who have been late on the adjustable rate payments with a one-time exception for a fixed rate refinance loan.
Nationwide Mortgage Loans has assisted thousands of homeowners with bad credit scores find a better loan while obtaining a competitive rate that saves them money.
|
Homeowners across the nation are excited about the FHA mortgage refinance opportunities. |
FHA Mortgage Market Rising Again
By Rebecca O'Connor
The new federal loan program discussed by George Bush is kicking into gear. This initiative is a new alliance with mortgage servicers, housing counselors and government agencies to help an estimated 160,000 borrowers who face high rate ARMs. Treasury Secretary Henry Paulson Jr. stated in early October that "A combination of stagnant or falling house prices, low- down-payment mortgages and resetting adjustable-rate mortgage rates are creating real challenges for many American homeowners." To prevent a cascade of foreclosures, the Federal Housing Administration is offering assistance to borrowers in trouble, but there are limitations.
FHA-Secure
FHA-Secure loans are designed to move troubled borrowers with resetting ARMs to FHA secure home loans. FHA currently issues 3.7 million government home loans and many of those are to low-income borrowers who are credit risks.
This will be the first time though that FHA is backs loans for borrowers about to be in trouble because their interest rates are being reset.
|
Lock a low fixed rate mortgage for 30 years! |
Hopefully rate and term refinancing will help many American's avoid foreclosure. The move is not meant to help the stock market, but rather to assist homeowners keep their homes, especially in certain areas that have been hard hit by the subprime market. Not all borrowers are going to be able to get approval to for refinancing an ARM, however.
Qualifying for FHA-Secure
Borrowers must have a good payment history for the last six months before applying. So the loans won't be helpful to those who have already fallen behind. FHA home refinance also has a cap because the loans are written to FHA standards which limit how much can be financed. Borrowers must also demonstrate employment history and that the new payments will be affordable. For those who meet these qualifications however, FHA home refinancing loans to affordable fixed rate home loans may save their homes from foreclosure.
| The Senate finally passed mortgage legislation that expands the power of the Federal Housing Administration to help assist the subprime mortgage market with home financing enhancements. The new loan program will allow the FHA to lower the minimum amount necessary to get a loan and raise the loan amount restrictions on the mortgages the FHA can insure to $417,000. |
An estimated 2 million to 2.5 million adjustable rate mortgage loans are scheduled to reset in 2008. Borrowers who have these ARM loans will see their payments jump as the interest rates begin to rise.
The new FHA plan would give homeowners "the option of refinancing to an FHA-backed loan with the peace of mind that comes with it," said Senate Majority Leader Harry Reid, D-Nev. "And for future homebuyers, a fully backed FHA loan with honest, upfront terms, will help prevent crises like we now face."
|
Refinance your ARM with a fixed rate FHA mortgage that is affordable.
|
|
|
|
| Free Finance Guides & Helpful Consumer Reports |
Take advantage of our free guides and disclosures that help 1st time homebuyers.
|
Connecting
| Live Loan Officer |
|
One of our representatives will contact you shortly.
Please make sure your phone line is not in use.
|
|
|
