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Best Mortgage Available. com
FHA To begin Short Refinance Programs Sept. 7th!
The Short Refinance Program - this program encourages lenders to forgive 10% or more of the existing
mortgage so that loans can be refinanced at a lower interest rate. This would help both the lenders and the home
owners. Lenders would be able to remove troubled loans from their books and also allow homeowners to lower
their payments.
- To qualify the total principal of the new first loan and any existing second loan(s) must not exceed 115 percent
of the property's value.
- The minimum credit score must be at least 500.
- FHA estimates that this programs will help anywhere from 500,000 to 1.5 million borrowers.
On Sept 7th the Federal Housing Authority (FHA) will begin the Short Refinance Programs and in turn we will start
accepting applications to help homeowners that owe more on their mortgage then their home is worth.
For some homeowners there will come a time when the equity that has built up in their
home will come in handy. The most common reasons that people choose to refinance
their FHA home loan are as follows.
- To make home improvements, to consolidate debt, refinance the existing mortgage,
perhaps to send a child to college or simply to take out cash.
FHA Secure Refinance program: For homeowners that are facing a rate hike to their
adjustable mortgage FHA
offers a chance to refinance in a government backed fixed rate loan. This unique FHA
program which has no
minimum credit score requirement was developed to help homeowners with some equity in
their home and who
have kept up with their mortgage payments Late payments after your adjustable loan
modified may be overlooked if your payments were made on time before the rate increase.
So far over 100,000 home owners have been helped under this program alone. Since this
program is an FHA product all applications will benefit from the easier lending guidelines and
competitive interest rates.
FHA Loan Applications Soar As Loan Limits Are Raised Throughout The United States!
FHA OFFERS MORTGAGE REFINANCE OPTIONS the main difference will be if you
plan on taking "cash out" or just refinancing the existing mortgage. The mortgage terms
available are the same for both programs.
- 30yr, 15yr Fixed or an Adjustable Rate is available.
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FHA HAS A STREAMLINED REFINANCE PROGRAM " NO CASH OUT"
This Streamlined Refinance Program will allow you to refinance so you may lower your interest rate often
with less fees and less paperwork. This not only will save you valuable time but money as well but you will not
be able to get cash out under this program. An FHA Streamlined Refinance requires that your current home loan
must be an FHA loan and in good standing. This program is geared for people who could benefit by reducing their
initial interest rate there by lowering their monthly payments.
-No pay stubs
-No W-2 forms or tax returns
-No income or employment verification
-No Cash Out
-No termite report
-No appraisal is required unless the closing costs are wrapped into the loan

FHA REFINANCE WITH "CASH OUT"
This can be a great benefit to home owners that have seen the value of there property increase since the
purchase of their home. Homeowners will also be able receive funds and use them for whatever purpose they
wish. The most cash out that FHA will allow will be 95% of the appraised value of the home plus the allowable
closing costs which vary from state to state.