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FHA Mortgage Loans
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The FHA Short Refinance Can Help You Get The Bank To Take A Short Payoff On Your Mortgage |
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Written by Paul Dunn
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Tuesday, 19 August 2008 22:44 |
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SHORT REFINANCE FHA SECURE, HOW TO GET THE BANK TO DISCOUNT YOUR MORTGAGE
In Arizona we have been seeing record numbers of foreclosures, record numbers of bank repos and record numbers of short sales. Homeowners are faced with rising mortgage payments when their once low adjustable rate mortgages reset and climb. A short sale has been a common answer to losing a home through foreclosure.
But now there's a new answer; the short refinance FHA Secure. The short refinance works exactly the same as a short sale with the exception that the homeowner remains a homeowner. In a short sale, once an offer comes in it gets presented to the bank along with an application package from the seller to the bank asking to take a discount on the current mortgage. Once the bank accepts the offer for less than what the seller owes the bank they have agreed to a short sale. A short refinance works in much the same way as a short sale only in the case of a short refinance the "offer" presented to the bank is actually a copy of the homeowner's brand new short refinance FHA Secure approval. The short refinance approval, along with all the supporting documentation, is then submitted to the bank requesting a discount. Once the bank accepts the discount, they have accepted a short payoff and agreed to a discount on the loan allowing for the short refinance.
A major benefit of the short refinance is that it allows borrowers to keep their homes. The short refinance delights homeowners because they get a new start with a lower mortgage payment and a lower mortgage balance.
Why would the bank agree to a short refinance and not just foreclose on the property? Simply put foreclosing on a property requires large amounts of legal fees and then the home is typically sold at a substantial discount off of the fair market value. The short refinance allows the bank to avoid the majority of the legal fees and let's the new lender make its largest loan based on the fair market value.
Read how the Short Refinance FHA Secure Helps 200,000 families
Apply for a Short Refinance FHA Secure loan |
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Last Updated ( Tuesday, 19 August 2008 22:54 )
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Down Payment Assistance For FHA ELIMINATED |
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Written by Paul Dunn
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Saturday, 16 August 2008 10:39 |
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Down Payment Assistance for FHA Mortgage Loan Programs is being eliminated on October 1, 2008. Many lenders who had accepted Down Payment Assistance for FHA buyers have stopped accepting applications on the product.
On July 30, 2008 the President signed into law the Housing and Economic Recovery Act of 2008. This law will eliminate the dream of home ownership for 50,000 to 100,000 families this year.
The loss of Down Payment Assistance could be devistating. According to the Nehemiah Corporation of America 40% of all FHA buyers will be affected.
Do you remember buying your first home?
Putting the key in the front door for the first time?
Imagining where everything would go?
Telling all your friends about your wonderful new home?
Do you remember how that felt?
Now imagine if it never happened! The loss of Down Payment Assistance will affect up to 100,000 families this year.
You can help...
You can apply for an FHA Loan with down payment assistance here, while there is still time. |
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Last Updated ( Saturday, 16 August 2008 10:55 )
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Is FHA Secure The Bad Credit Mortgage? |
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Written by Paul Dunn
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Thursday, 14 August 2008 06:17 |
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Is FHA Secure a Bad Credit Mortgage?
Is it the Foreclosure Refinance?
These are two very popular questions I've been getting about the FHA Secure Short Refinance Loan so let's look at these mortgage questions one at a time.
Is FHA Secure a Bad Credit Mortgage?
No - I help homeowners all the time fit into the FHA Secure Short Refinance Loan who have flawless credit and 700 plus credit scores. The key here is to be able to prove that your current mortgage is causing an undue financial burden and will eventually push you into a situation where foreclosure is a posibility. Please keep in mind you do NOT have to be late on your mortgage, or other credit, to qualify.
Is FHA Secure the Foreclosure Refinance?
The FHA Secure was created to help prevent foreclosure through helping homeowners who are faced with foreclosure being a real possibility. According the HUD there is no limit to how far behind a homeonwer can be and still qualify for the FHA Secure Loan. While a Foreclosure Refinance is possible under FHA Secure it is highly recomended that you talk with and open communications with your current lender if you are in this situation. If you are in foreclosure you should also speak with a HUD approved housing counselor. You can find them here.
In Summary
The FHA Secure is also known as the Short Refinance and is helping homeowners who are faced with the real possibility of foreclosure and also those whose adjustable rate mortgages have reset or are soon going to reset and cause a severe financial hardship. FHA Secure is referred to as the Short Refinance Loan because many times, the amount you owe on your mortgage is not as high as your home value. This results in the lender taking a short payoff similar to a short sale.
Please contact me through this website or
This e-mail address is being protected from spambots, you need JavaScript enabled to view it
if you are considering a short refinance. |
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Last Updated ( Thursday, 14 August 2008 08:37 )
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FHA Short Refinance - Breaking News |
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Written by Paul Dunn
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Monday, 28 July 2008 07:11 |
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Last week the Housing Rescue Bill passed Congress and that is great news for households facing the possibility of foreclosure. This bill would allocate an additional $300 Billion for FHA Short Refinance Loans (FHASecure) allowing home owners faced with the prospect of foreclosure to do an FHA Short Refinance and keep their home, even if they owe substantially more than their home is worth.
Basically, an FHA Short Refinance allows a lender to take a short payoff and avoid the expenses associated with foreclosing on a property. In turn, homeowners will get an FHA Short Refinance Loan and buy insurance to cover their homes in case of default.
The FHA Short Refinance is also great news for neighborhoods as you really don't want to see a Foreclosure Sale sign in your neighbors yard, followed by a sale at a well below market value.
In Arizona, according to numbers published by Realtytrac, one out of every 70 Arizona households has been involved in foreclosure activity within the last 90 days. That number is an increase of more than 35% over the first quarter of 2008.
In Tucson, foreclosure activity is up more than 51% over the first quarter of 2008, and in Phoenix it is up over 36%.
If you or someone you know could benefit from an FHA Short Refinance, please contact our office at (520) 225-0380 or contact us throug this website. |
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Last Updated ( Monday, 28 July 2008 07:56 )
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FHA Loan Limits For Arizona - How Much Can I Borrow With An FHA Loan? |
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Written by Paul Dunn
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Wednesday, 23 July 2008 15:48 |
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So how much can you borrow with an FHA Loan in Arizona? The FHA Loan is capped with a maximum loan amount as determined by the FHA by County and Metro Area. This is the current table of FHA Loan Lending Limits for FHA Loans in Arizona.
County
Area |
Single Family
Home FHA Limit |
Duplex
FHA Limit |
Triplex
FHA Limit |
Fourplex
FHA Limit |
Apache
Non-Metro Areas |
$281,250 |
$360,050 |
$435,200 |
$540,850 |
Cochise
Sierra Vista / Douglas |
$271,050 |
$347,000 |
$419,400 |
$521,250 |
Cococino
Flagstaff |
$450,000 |
$576,050 |
$696,350 |
$865,400 |
Gila
Payson |
$325,000 |
$416,050 |
$502,900 |
$625,000 |
Graham
Safford |
$271,050 |
$347,000 |
$419,400 |
$521,250 |
Greenlee
Safford |
$271,050 |
$347,000 |
$419,400 |
$521,250 |
La Paz
Non-Metro Areas |
$271,050 |
$347,000 |
$419,400 |
$521,250 |
Maricopa
Phoenix / Scottsdale |
$346,250 |
$443,250 |
$535,800 |
$665,850 |
Mohave
Lake Havasu / Kingman |
$322,500 |
$412,850 |
$499,050 |
$620,200 |
Navajo
Non-Metro Areas |
$308,750 |
$395,250 |
$477,750 |
$593,750 |
Pima
Tucson |
$316,250 |
$404,850 |
$489,350 |
$608,150 |
Pinal
Phoenix / Mesa / Scottsdale |
$346,250 |
$443,250 |
$535,800 |
$665,850 |
Santa Cruz
Nogales |
$271,050 |
$347,000 |
$419,400 |
$521,250 |
Yavapai
Prescott |
$390,000 |
$499,250 |
$603,500 |
$750,000 |
Yuma
Yuma |
$271,050 |
$347,000 |
$419,400 |
$521,250 |
For more information on FHA Loans in Arizona contact me through this website or to apply for an FHA Loan now click the Apply For An FHA Loan Now! button at the top of this page. |
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Last Updated ( Wednesday, 23 July 2008 16:32 )
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