I think everyone in the country has heard of the $800,000,000,000 (that’s a lot of zeros) bailout that was put into place in October. You can benefit from the bailout in several different ways.
FHA has been granted some special exceptions by the government to help homeowners get through these tough times. Here are some of the changes that you can take advantage of now.
FHA Secure – This is a program that allows homeowner to refinance their adjustable mortgages even with Mortgage lates. This is for loans that interest rates have already or will reset between June 2005 and December 2009.
Hope for Homeowners (H4H) – Is for homeowners that may be upside down on their homes and can’t refinance or afford current payments. You lender may opt to reduce your principal balance on this loan so you can afford your new payments.
95% Cash out Refi – Although this wasn’t put into place as part of the bailout FHA allows for you to access the equity in your home to consolidate you debts. When you consolidate your debts you can instantly decrease your monthly outflow. This will make your monthly bills more affordable.
Temporary Loan Limit Increases – FHA is allowing for financing up to a loan limit of $729,750 for certain areas. Find out your loan limit for your area www.hud.gov or call a contributor for your state on this website.
Mike Harrison
First Federal Mortgage
Salt Lake City, Utah
Principal Lending Manager
801-224-1888 x 11
