FHA Short Refinance
REFINANCE YOUR HOME TODAY AT 97% OF TODAYS APPRAISED VALUE!
- Struggling to Make Mortgage Payments?
- Facing Foreclosure?
- Tried To Refinance, But Couldn't Because of Your Homes Value?
FHA Short Refinancing Highlights
- Primary Residences Only!
- Your Home Must Be Located in Florida!
- Must Be Current on Mortgages!
- 620 Minimum Mid Credit Score!
- Full Doc Only! (must verify sufficient income)
- New loan Amount 97% of Today's Value!
- Lenders Forgive Shortage!
- Closing Costs May Be Financed!
- Lender Write Down is Voluntary
FHA Short Refinancing is the process of refinancing your current mortgage(s) into a new FHA 30 year fixed rate mortgage for up to 97.75% of your homes current value (many times closing costs may be included). Many lenders are accepting short refinance payoffs because it is more cost effective than foreclosure proceedings. Foreclosure is an expensive solution for a lender for loans in default; not only does the lender not receive payments for up to a year, but they may lose out on fees associated with the procedure. A FHA Short Refinance Payoff is just one of several alternatives that might be more cost effective for your lender(s). FHA Short Refinance also allows borrowers to keep their home.
The HOPE for Homeowners (H4H) Program was created by Congress to help those at risk of default and foreclosure to refinance into more affordable, sustainable loans, with a maximum loan amount of 90% of your homes current value. As a Correspondent Mortgage Lender we have the authority of the Federal Housing Administration (FHA) to assist in the lending of three-hundred billion dollars to help homeowners who are currently facing challenges affording their current mortgage payment(s). Our underwriting guidelines for this product require borrower(s) have a middle credit score of 580 and if you're delinquent on your mortgage it must be due to a hardship.
We do anticipate being able to offer this product to borrowers who are in or facing foreclosure in the near future.
Here is an example... of how much you could save!
Example: A $250,000 mortgage balance and the homes current value is $100,000, the refinanced FHA loan would repay the lender 90% of the home’s current worth, about $85,000. The existing home owner’s new loan would be for 90% of the $100,000 or $90,000.
Do you qualify for a FHA Short Refinance?
Do you qualify for the Hope For Homeowners loan?
HELPING STRUGGLING FAMILIES IN FLORIDA KEEP THEIR HOMES!
We look foward to helping you refinance your home please go to Step One and start the process.
HOPE for Homeowners
The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.
The program is effective from October 1, 2008 to September 30, 2011.
As many as 400,000 homeowners could avoid foreclosure through this program over the next three years. If you are having trouble making your mortgage payments, HOPE for Homeowners may be able to help you, by refinancing your loan into a new 30-year fixed rate loan with lower payments.
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Sustainable, Affordable Homeownership
HOPE for Homeowners will provide another resource to the Federal Housing Administration’s (FHA) existing efforts to aid struggling homeowners. Under the program, borrowers having difficulty paying their mortgages will be eligible to refinance into FHA-insured mortgages they can afford.
For borrowers who refinance under HOPE for Homeowners, lenders will be required to “write down” the size of the mortgage to a maximum of 90 percent of the home’s new appraised value. In many instances, lenders will determine that such a reduction in principal will allow them to avoid a costly foreclosure, while helping borrowers stay in their homes.
H4H PRESS RELEASE
H4H PRESS FACT SHEET
H4H CONSUMER FACT SHEET
H4H CONSUMER FAQs
H4H FINAL RULE
EXAMPLES OF HOW EQUITY AND APPRECIATION ARE SHARED
Homeowners, are you having trouble paying your mortgage?
We have multiple programs available to you, APPLY TODAY to find out if you are eligible for one of our FHA loan programs listed below.
The Hope For Homeowners Act of 2008 was signed into law by President Bush. The HOPE for Homeowners Act of 2008 is one section of the Housing and Economic Recovery Act of 2008. This section of the Act authorizes FHA (Federal Housing Authority) to insure up to $300 billion in 30-year fixed mortgages for those at risk of foreclosure. This government backed loan program allows homeowners who owe more than their homes current value to refinance their home for 90% of its current value into a 30 year fixed rate mortgage. The net result of this is that some loans may be refinanced to an FHA insured loan. The bill goes into effect October 1st, 2008.
The FHA SECURE is a refinancing option that gives homeowners with non-FHA mortgages, current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe. The Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive.
The Short Payoff Refinance (Short-Pay Refi) short-refi, short refinance, or also known as a short-payoff, is a FHA approved transaction, where the current lender agrees to accept less than the full amount owed on your property. This process is similar to a short sale but, instead of the property being sold, it is refinanced with a new lender. The short-refinance allows the homeowner to retain ownership of the property,while at the same time avoiding a foreclosure or possible bankruptcy and best of all wiping out negative equity! Our goal is to help Florida homeowners keep their home and achieve long term affordable payments with this new FHA program.
