Can underwater homeowners afford to refinance home mortgage?
With the present sluggish state of the US real estate market, an increasing number of homeowners are facing difficulty in paying off their monthly mortgage payments. The rise of unemployment has even made it tougher for the homeowners to manage their huge mortgage payments. As a result they are left with only one option, that of selling off their homes but as this would facilitate an economic crisis in the US, the FHA is helping refinance home mortgage and strike a better and an affordable deal.
According to a recent survey, the demand for single-family homes has suddenly fallen to a level that was a record since the last 15 years. The purchases of homes in America also fell by 12% in the month of June and it is expected that there will be a sharper fall in the later half of 2010. The month of July saw a rise in this percentage that reached 27%. It is seen that homeowners seeking to refinance home mortgage can’t arrange their monthly payments on their mortgage loans. Have a look at structured annuity
US government steps in to help refinance home mortgage.
The US government has also become skeptical about the rise in the number of foreclosures severely this year and if such disheartening statistics continue to dominate the US real estate market, very soon homeowners will be left with no options. Some homeowners who lack the ability to pay off their mortgage debt will be taken care by the US government. The government is slowly initiating various mortgage refinancing programs that make refinance home mortgage options easier for such underwater homeowners. Now, according to the new mortgage rules, homeowners do not need an FHA insured loan to qualify for the financial aid of the government.
Besides the attempt of Obama to extend financial aid to the struggling homeowners, there have been serious efforts by the FHA too to help the borrowers pay off their mortgages and retain their home ownership rights. This program by Obama was called the HARP or the Home Affordable Refinance Program. The US Department of Housing and Development or the HUD has announced its new refinance home mortgage program where the FHA will provide all the non-FHA borrowers means to refinance their mortgages. This rule came into effect on September 7, 2010. According to this rule, the borrower has to be current on their monthly payments, in order to qualify for seeking the benefits of this program. This is known as the FHA Short Refinance program. This refinance home mortgage program requires homeowners qualifying for this program to make the lenders agree to write off minimum 10% of the unpaid principal of their mortgage. They also require meeting some other criteria like the standard FHA underwriting requirements, they need to stay in their home as their primary residence and also need to have a good credit score.
Refinance Home Mortgage with FHA Short Refinance Program
The FHA Short Refinance program has certainly come as good news for all those distressed homeowners who had no other option but to lose their home ownership rights by going through a foreclosure. Now, they can easily refinance home mortgage and pay off their loans in easy and affordable monthly payments.
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If Americans can refinance(no money out) Every month they will have more money to spend and help the ecomomy and that means more jobs too.
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I was laid off 3 months ago. Can still make mortgage payments, haven’t missed any, don’t plan on missing any. My credit is great. I want to refinance at a lower percent (i’m at 5.625% 30 year fixed). Any tips for how I can do this for free since I’m laid off? I’m in MN. Any assistance programs for people who AREN’T totally screwed ‘yet’? Or – does anyone have any advice/tips at all for refinancing w/o paying anything?
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