FHA Mortgage Loan Modification - Could it Help You?
Worried about losing a home to foreclosure? After the housing crash, many people got stuck with mortgages they could no longer afford.
For anyone who is struggling to keep up with rising mortgage payments or missing payments already, finding a way to avoid foreclosure can be a pressing concern.
The Federal Housing Authority mortgage modification plan is one great way for a family on the brink of losing their home to the bank to get the help they need in order to keep it.
Read on for information about how to qualify and why to apply for an FHA bailout modification.
Qualifying To get FHA loan help, a homeowner needs to apply for aid for a home they actually live in, and owe a principle of less than a little bit over $700,000.
That amount does not include interest, which may make someone's actual amount of money owed much higher.
The home can't have more than four units, and any amount of money owed in a second mortgage won't count against the total.
The FHA program is designed for people saddled with loans they cannot afford, so people need to be paying more than 31% of their gross monthly income to qualify.
While this program is primarily designed for people in enough financial trouble to already have late or unpaid mortgage payments, people who are still current on their bills can qualify too.
There is a screening process to go through in order to qualify for one of these bailout loans, but for people who meet the criteria they can be a great way to avoid foreclosure.
What Will It Change? The goal of the Federal Housing Authority mortgage refinancing option is to help homeowners saddled with out of control bank loans on their homes get the money owed per month back down to a reasonable level.
The FHA will try to help homeowners get an equitable loan arrangement where they are no longer paying a large percentage of their gross income toward keeping a home.
With these loans, homeowners stuck with high or variable interest mortgages can get out of trouble before it is too late.
With an FHA mortgage loan modification, many people who may otherwise face losing their homes will have a chance to keep them.
If a homeowner is stuck paying too much money on an expensive home they can no longer afford, a government loan may be the perfect way to avoid foreclosure.
For anyone who is struggling to keep up with rising mortgage payments or missing payments already, finding a way to avoid foreclosure can be a pressing concern.
The Federal Housing Authority mortgage modification plan is one great way for a family on the brink of losing their home to the bank to get the help they need in order to keep it.
Read on for information about how to qualify and why to apply for an FHA bailout modification.
Qualifying To get FHA loan help, a homeowner needs to apply for aid for a home they actually live in, and owe a principle of less than a little bit over $700,000.
That amount does not include interest, which may make someone's actual amount of money owed much higher.
The home can't have more than four units, and any amount of money owed in a second mortgage won't count against the total.
The FHA program is designed for people saddled with loans they cannot afford, so people need to be paying more than 31% of their gross monthly income to qualify.
While this program is primarily designed for people in enough financial trouble to already have late or unpaid mortgage payments, people who are still current on their bills can qualify too.
There is a screening process to go through in order to qualify for one of these bailout loans, but for people who meet the criteria they can be a great way to avoid foreclosure.
What Will It Change? The goal of the Federal Housing Authority mortgage refinancing option is to help homeowners saddled with out of control bank loans on their homes get the money owed per month back down to a reasonable level.
The FHA will try to help homeowners get an equitable loan arrangement where they are no longer paying a large percentage of their gross income toward keeping a home.
With these loans, homeowners stuck with high or variable interest mortgages can get out of trouble before it is too late.
With an FHA mortgage loan modification, many people who may otherwise face losing their homes will have a chance to keep them.
If a homeowner is stuck paying too much money on an expensive home they can no longer afford, a government loan may be the perfect way to avoid foreclosure.