Hey everyone, a friendly mortgage tip. Let me know if this sounds like you:
- Your credit scores are 620 or below
- You haven’t had any late mortgage payments in the last 12 months
- You have a loan amount under $362,760
- That loan balance is less than 97.15% of your home value
- You have an adjustable rate mortgage set to adjust
If that sounds like you, and you are looking for a way out, how does this sound?
- 30-year fixed loan
- No prepayment penalty
- In the mid-upper 6% range
- 1% origination fee
- No junk fee charges
Sound good? You might be a potential candidate for FHA financing. And if President Bush’s plans for FHA secure go through these great loans will be opened up to more people. If you had a subprime mortgage loan and need to get out of a loan that is about to adjust to a payment you can’t afford try FHA. It may be the best way for you to find an affordable monthly mortgage payment plus add some stability to your life as well.
Subprime adjustable rate mortgages are ticking time bombs, if you are in one and are near the end of the fixed period inquire about FHA refinancing.
Not every lender is FHA approved. If you are a subprime borrower (loosely defined as having a credit score of less than 620) the first question out of your mouth when talking to a loan agent is “Are you FHA approved?” and don’t let them tell you “FHA isn’t that great” if they aren’t. It is worth your time to determine if you qualify.
If the above sounds good to you, and you’d like to talk with an FHA approved lender, why, you can call me. Morgan 866-363-9329 (the rest of my contact info is in the sidebar).
**Please note the bullet points above do not represent the entire qualifying guidelines or benefits of the FHA program. To learn more please contact me directly.
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[Source: Blown Mortgage]
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