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FHA Mortgage Refinance Leads - Tennessee, Michigan & other States. | |
FHA Mortgage Refinance LeadsMortgage rates near historic lows. FHA (Federal Housing Administation) raises loan amounts - More loans now qualitfy for FHA rates. For lowest rates on FHA mortgage refinance loan, click here: FHA Express - The quick way to get an FHA loan! Fill out the (no obligation) form there. Advantages of refinancing to a fixed rate FHA mortgage. There are significant advantages to refinancing to an FHA loan with a fixed interest rate, particularly if you currently have a higher cost mortgage or have a mortgage that has an adjustable or a variable interest rate, optional payments or interest only payments that will increase in the near future. Borrowers with adjustable or variable interest rate mortgages or interest only payment mortgages often encounter much higher monthly payments ("payment shock") after having the mortgage for just a few years. FHA fixed interest rate mortgages cost less. FHA loans have competitive interest rates because the Federal government insures the loan. A fixed interest rate FHA loan will have a low interest rate compared to a subprime loan and the FHA loan will have fixed payments of principal and interest compared to an adjustable rate or variable interest rate mortgage or a mortgage with optional or variable payments. You don't have to have perfect credit to get an FHA fixed rate mortgage. Even if you have had credit problems, such as a bankruptcy, you may still qualify for an FHA mortgage. Should you encounter hard times after refinancing your home, FHA has programs to help you keep you in your home and avoid foreclosure. FHA does not provide direct financing nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA fixed interest rate mortgage may be used to refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation). Click here for FHA Express - The quick way to get an FHA loan! To qualify for refinancing to an FHA mortgage. Under the new "FHASecure" program, FHA will allow homeowners with acceptable credit histories who had been making timely mortgage payments before the interest rate on their adjustable rate mortgages reset-but are now in default-to qualify for refinancing to an FHA mortgage. The FHASecure program will operate under the same safe FHA loan guidelines as FHA's existing mortgage insurance program. As of the criteria, eligible homeowners will be required to meet strict underwriting guidelines and pay a mortgage insurance premium, which offsets the risk to FHA's insurance fund. Eligibility Highlights of the FHASecure Initiative: - The mortgage being refinanced must be a non-FHA Adjustable Rate Mortgage (ARM) and the interest rate has reset. - The borrower must be delinquent on his mortgage payments after the reset. - The borrower's payment history on the non-FHA ARM must show that, prior to the reset of the interest rate on the mortgage, the borrower was current in making the monthly mortgage payments, i.e., the homeowners mortgage payment history during the 6 months prior to the reset showed no instances of making mortgage payments outside the month due. - If there is sufficient equity in the home, FHA will allow missed mortgage payments to be included in the FHA refinance mortgage, if the arrearages arose after the reset. - Under certain conditions FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that cannot be refinanced into the FHA insured mortgage; or (2) either the FHA-approved lender making the new FHA mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA's maximum LTV ratio and maximum loan limit. - Lenders must determine, as part of the underwriting process, that the reset of the non-FHA ARM monthly payments caused the borrower's inability to make the monthly payments and that the borrower has sufficient income and resources to make the monthly payments under the new FHA refinance mortgage. - If the new FHA refinance mortgage is not enough to pay off the existing first lien, closing costs and arrearages, the lender may execute a second lien at closing to pay the difference. The combined amount of the FHASecure first mortgage and any subordinate non-FHA insured lien may exceed the applicable FHA loan-to-value ratio and geographical maximum loan limit. If payments on the second are required, they must be included in qualifying the borrower. If payments are deferred, they must be so for no less than 36 months to not be considered in the qualifying ratios. Borrowers need not yet have missed any mortgage payments to be eligible for this type of subordinate financing. For lowest rates, click here: FHA Express - The quick way to get an FHA loan! Fill out the (no obligation) form there. Top of this FHA Mortgage Refinance Leads page. Quickenhomeloans, Quickenloan (quickin loan, kwikin loan, loan qwickin, kwickin loan, kwicken loan)
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