FHA Home Loan Programs

2008-10-26T09:45:00.000-07:00

Most borrowers think that the FHA home loan program is simply for first time home loans but it can also be used for homeowners who wish to refinance their mortgage.

The refinance loan amount will need to carry a 3 to 5% deposit and must fall under the set value limit applicable for the county in which you live.

For homeowners who are in dire need and cannot come up with the deposit required for the refinancing FHA government home loans, the FHA home loan programs allows for the down payment be provided by a nonprofit organization.

Many communities in the United States have nonprofit firms to help home buyers gather the deposit monies they need to buy a home.

For the borrower who is worried about their credit score and rating, the FHA home loan programs have credits ratings that are lax in comparison to traditional mortgage lenders.

If you find yourself facing home foreclosure and you want to save your home and need a bit of assistance, the FHA home loan refinancing programs may be able to help.

Country Wide Home Loans - Shocking Facts

2008-10-10T13:10:00.000-07:00

Country wide home loans given to low-income families for over-valued homes are part of what has accelerated the current credit and mortgage crisis. Now first time home owners and other borrowers are waking up to find they have ‘negative equity’ – the value of their property being worth less than their mortgage!

As well as the property market, individuals who over-rely on their credit cards are being hit hard too. The minimum APRs on even the low rate cards are at least 4% higher than two years ago.

As a result of the above facts and with the shocking rise in the price of gas most families will be hit hard and will eventually be forced into foreclosure and ultimately bankruptcy.

The lenders also have a sneaky clause in the contracts that gives them the right to call in the loan whenever they wish which many individuals are not aware of.

Most credit card companies have also doubled the minimum payments which further increases the financial pressure on the cardholder.
If you are unable to meet your minimum payment, your credit card company may offer to consolidate the debt by giving you a loan on your home equity which is another way of making sure they have some security in case you default on the new loan.

Finally lenders use ‘adjustable rate mortgages’ ARMs to entice borrowers into financial mess.

The country is already seeing an all-time high foreclosures of homes in Indianapolis, Atlanta and Dallas-Ft.

With the Wall street crisis and as fuel prices continue to rise, the credit crunch will continues to bite, and we might see a wave of foreclosures well beyond what we saw in 1980s.