Home Affordable Refinance Loan 
No Social Security number required
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new government Fha Loans
A FHA mortgage allows some borrowers to qualify for the lower interest rates of a conventional loan, rather than using a higher rate sub-prime mortgage. This can save thousands in interest charges.
The FHA or Federal Housing Administration is now a part of HUD or House and Urban Development, which are responsible for making home ownership more accessible for more Americans. What is great about the FHA, is that you do not have to have perfect credit or a high paying job. The payments are usually smaller than bank made loans, as well as the down payment needed towards a home is also much smaller than what would normally be accepted.
Qualifying for a FHA loan is surprisingly very easy! You must be able to meet the minimal credit requirements, plan to use the home as a primary residence, and of course can afford to make the monthly mortgage payments, which are often comparable to rent payments. You must be able to show a steady income for three years and have paid your bills on time. There is no limit on the amount of income that is needed to qualify.
The
new government Fha Loans(HARP) has been designed to complement Making Home
Affordable by helping homeowners who have not been delinquent on their
monthly mortgage payments, but are still unable to refinance and take
advantage of the historically low mortgage rates due to the declining home
values, thus raising their current loan-to-value (LTV) over 80%.
FHA helps low and moderate-income families purchase homes by keeping the initial costs down. By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA's mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.
The FHA also limits fees that can be charged to the borrower. For example, the loan origination fee cannot surpass 1% of the mortgage amount. FHA loans are a very attractive mortgage option. Unlike a private mortgage, FHA loans are designed to cut you a major break so you can buy a home.
President Obama's $75 Billion Making Home Affordable housing stimulus
program will assist as many as 9 million homeowners by either making
their monthly mortgage payments more affordable, or by stemming
foreclosure
new government Fha Loans
loans will allow the flexibility necessary to make
the refinance process quicker and more cost-effective for both the borrower
and the lender. All HARP loans require less documentation
for underwriting, and some HARP loans will not require an
appraisal.
Loan Facts - Underwriter - One who insures another or takes risks, such as by approving a loan. -
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