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FHA loans help home owners refinance with minimal equity


The number of loans FHA is insuring is growing by the month as home owners turn to the government backed loan programs for refinancing relief.

Home owners with first and second mortgage are finding the refinance market is extremely challenging to navigate as lenders shy away from cash out refinance loans, lower loan to value guide lines and restrictions on home loan amounts from Fannie Mae and Freddie Mac in declining markets. Mortgage insurance companies are no longer insuring a number of loan products and home owners could be left with out any financing options. Consumers and lenders are both turning to FHA loans to help during these challenging times. FHA loans are insured through he Federal Housing Administration and are not following declining market regulations or adhering to private mortgage insurance company guidelines. Home owners who are consolidating debt or combining a first and second mortgage are able to refinance these loans up to 95% of their homes appraised value. These loans offer payment stability with fixed interest rate options for thirty and fifteen year terms. The market has shifted to a product mix that reflects mortgage lending of the early 1990's and this should provide stability for lenders and home owners moving forward.

6-6 2008 ? LoanNetwork.com





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