February 25, 2011
In our last blog post we discussed some changes to FHA refinancing loan rules. Effective immediately, the FHA requires all borrowers seeking streamline refinancing to make at least six mortgage payments on the property. There must also be a minimum of
December 27, 2010
n 2009, the Obama Administration created a plan to help the American economy recover from a serious financial crisis. Part of that plan included stabilizing the troubled housing market and reduce the amount of foreclosures. The Making Home Affordable program was introduced to help struggling home owners avoid defaulting on their loans, including FHA mortgages and equivalent programs for VA home loans. Under the Making Home Affordable program, several loan modification and refinancing options became available. Those with FHA loans who qualify for help under these programs have many options to save the home, prevent foreclosure and get back on track with their mortgage payments.
November 29, 2010
In 2010, the FHA made changes to its refinance program to let borrowers who owe more on conventional home loans apply for something commonly known as the FHA Short Refinance program. These FHA refinancing loans are an important option for borrowers who find themselves in difficult financial situations and know they can't avoid foreclosure by selling the home. An FHA Short Refinancing loan makes a lot of sense for borrowers in this position. But what does it take to qualify for the loan?