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FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS
Effort designed to encourage principal write-downs for responsible borrowers
The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth because their local markets saw large declines in home values. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain 'underwater' non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage. This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product. To be eligible for a new FHA-insured loan, the homeowner must:
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owe more on their mortgage than their home is worth
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be current on their existing mortgage
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qualify for the new loan under standard FHA underwriting requirements
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have a credit score equal to or greater than 500
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the property must be the howmeowner's primary residence
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existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115%
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existing loan to be refinanced must not be an FHA-insured loan
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refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent
Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.
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3078 Silver Ridge Dr, N
