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New FHA Loan Program Available
There is a new program by the Federal Housing Administration (FHA) that will insure $300 billion worth of payments of mortgage loans starting October 2008 up to September 2011. This is called the hope for homeowners program, which has already been signed into law. The name is apt to give aid to the financially-ailing homeowners in mortgage. This law allows homeowners to refinance their schemes of up to 90% of the current market value. This gives homeowners the extension to enjoy a low fixed rate loan and a 10% equity share. The law also features tax credit worth $7500 for first-time or new home buyers to encourage more people to get a new home for their own. Provisions also include capping the loan limit amount to $625,000 in high price places. A $4 billion grant is set aside to renovate homes in difficult or dumped areas to do away with the deserted homes that could cause unsightly neighborhood conditions. Also present is a counseling assistance worth $180 million for people whose homes face foreclosure. The HOPE program aims to overhaul the FHA policies designed during the period of depression, thereby giving the US Treasury control of lending money to FHLMC and the FNMA until 2009. The main thesis of the program is to support the declining housing market that drags down the country's economy. The law also gives the flexibility to cut loan balances of up to 40% wherein the 10% equity is already secured. However, there are restrictions and eligibility. First, you should be currently occupying your mortgaged home. You also have to explain that there was no intention of defaulting the current mortgage. Next, mortgage payments should be at least 31% of your gross monthly income. You must also not have another home aside from your current one. Inquire from your loan servicers for additional details. For the FHA recognized lenders, mortgaged homes have to be appraised of up to 90% fair market value. Fees and other penalties must be waived by the FHA-certified lenders noting the financial difficulty of the borrower. New FHA loan borrowers should agree to zero equity loans in the period of five years except for home improvements and maintenance. This law comes as a big help to people who are hit hard by the economic turmoil that spun in the US housing sector, although the program is not isolated to this condition alone. As much as this gives reprieve to the red flag, there are still constraints to consider making this work on the part of the borrower and the lender; considering there are over a million target participants. For those who want to determine their eligibility for FHA assistance, just contact your nearest HUD-certified counseling outfit at the HUD or you can call up the office of FHA. Greg Shuey is a Utah mortgage broker with Utah Financial. Together with Chase Gunderson, we specialize in FHA mortgage loans and FHA Streamline Refinance loans. We are here to educate and help you along the way when researching and obtaining Utah FHA loans
NAVIGATION
Home Loan Refinance - How To Choose A Broker
Should I Cash In on My Home Equity and Refinance My Current Mortgage Before the Bubble Bursts?
A Refinance Mortgage Loan Can Make Sense For You
In Foreclosure and Want to Keep Your Home? Try a Short Refinance
Mortgage Rates Drop After Fed Cut
New Loan Limits Set For FHA Mortgages and FHA Refinance Loans
30 Year Fixed - Interest Only For 30 Years
What is a Streamline Refinance?
Refinance Home Loan - 3 Tips to Help You Avoid Trouble
Some Glaring Benefits of VA Streamline Refinancing
Commercial Second Mortgages - A Way to Unlock Equity
5 Mortgage Refinance Tips - Take Advantage of Low Mortgage Rates
Why a Home Refinance?
Interest Rates Falling! Why Are Mortgage Rates Rising?
Refinance After Bankruptcy - An Overview
How to Get Out of Your Current Floating Interest Rate Package Immediately?
Mortgage Refinancing Basics: What You Need to Know
Maryland Home Equity Loans - Getting a Home Equity Loan Before You Sell
Home Mortgage Refinancing - Knowing the Secrets
Refinance Auto Loans and Its Benefits
Refinance an Adjustable Rate Mortgage - Should You Pay Points When You Refinance Your ARM
Mortgage Rates Hold Steady
Is the FHA Hope For Home Owners Program a Bad Deal For Home Owners?
Option Adjustable Rate Mortgage Basics
5 Mortgage Refinance Tips - Take Advantage of Low Mortgage Rates
Will Home Values Quiet the Refinance Mortgage Boom?
Refinancing Home Loans - Should You Refinance in 2009?
New Homeownership Affordable Plan
Foreclosure Refinance - A Key to Keeping Your Home
No Money Down? FHA Home Loan Changes
Mortgage Rate Comparisons
Refinancing Your Home
Option Adjustable Rate Mortgage Basics
4 Tips to Help Choose the Correct Home Mortgage Refinance Lender
6 Ways to Save Money With a Home Refinance
Low Mortgage Refinance Rates
Mortgage Rates Hold Steady
9 Action Steps to Escape an ARM
Mortgage News - Is the Housing Crisis Half Empty Or Half Full?
Are Sub Prime Home Loans Really That Bad?
Refinance Rates - Pay Back Strategies - A New Look
Foreclosure Refinance - A Key to Keeping Your Home
Introduction to Refinancing Mortgages
Five Steps to Get the Best Mortgage Refinancing Deal and Have a Happy Home Mortgage Refinance?
The Right Time to Refinance
Can I Refinance My ARM to a Fixed Rate Mortgage - What If I Have No Equity Or Bad Credit
How to Refinance Your Mortgage to the Lowest Mortgage Rates Available
Should You Apply For Mortgage Refinancing?
Best Mortgage Rates - Know Your Mortgage Basics
Get Mortgage Rates at 4.5%
2/28 Mortgages Explained
Who Qualifies For Obama's Home Loan Modification Plan?
How You Can Benefit With FHA Streamline Refinance Loans
The All Important Job of Home Mortgage Brokers
Paying Off Mortgage Debt is Becoming Fashionable Again
How to Get Out of Your Current Floating Interest Rate Package Immediately?
Refinancing Home Loans - Should You Refinance in 2009?
3 Things to Know Before You Go For Loan Modification
VA Loans and the Impact of the Recession
Refinancing vs Line of Credit
The IRS is Making it Easier to Sell Or Refinance Homes With Tax Liens
Different Mortgage Products and Their Terms
Low Credit Score Home Mortgage Loan Refinancing
Who Should Get a Home Mortgage Refinance?
Refinance or Loan Modification?
Mortgage Rates Drop After Fed Cut
Mortgage Interest Rates Move Up After Historic Fall
Future Loan Terms and Residential Real Estate Markets
Save Your House With a Mortgage Loan Modification
Should I Refinance My House?
Basic Fundamentals of Mortgage Loans
Can't Refinance? Then Get a Loan Modification
The Pro's and Con's of a Home Equity Loan
Finance Help - The Obama Economic Stimulus - Everybody Gets to Refinance Their Homes at 4.5%
Countrywide No Cost Refi - Is it Truly a No Cost Refinance? Countrywide's Loan Application Facts
In Foreclosure and Want to Keep Your Home? Try a Short Refinance
Jumbo Mortgages May Have Many - But There is a Better Way
Consolidating Debt By Refinancing Your Home
125% Loan to Value and Mortgage Refinance
Debt and Refinance Loans
Option Adjustable Rate Mortgage Basics
Refinancing A Home Mortgage Can Be A Great Way To Realign Your Resources
When Choosing a Florida or Georgia Mortgage Broker Be Careful
Am I Eligible For an FHA Loan? - Are You Helping Your Mortgage Clients Answer This Question?
Mortgage Rate Comparisons
Refinance Your RV Loan and Save Thousands
Is A Debt Consolidation Refinance Good?
Getting A Home Mortgage Loan - The Five Mistakes You Want To Avoid
Introduction to Refinancing Mortgages
I Cannot Refinance My Adjustable Mortgage - What to Do When Your in Deep Trouble With Your Home Loan
Stop Foreclosure, Save Your Home, Refinance at 90 LTV of Current Market Value Using FHA Financing
How to Pre-Qualify for an FHA Home Loan
Refinance Auto Loans and Its Benefits
When to Refinance Your Mortgage?
Refinance Rates to Save Money on Mortgage Loans
Stop Foreclosure, Save Your Home, Refinance at 90 LTV of Current Market Value Using FHA Financing
Your Home - A Short Refinance Will Help You Keep It
Get Help Refinancing
Refinance To Save Your Hard Earned Pounds
Where Will Mortgage Rates Be Heading in 2009?
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