FHA Short Refinance Plan Requirements - FHA Short Refinance Program

Aug. 23, 2012 - PRLog -- FHA short refinance plan aims to help the struggling homeowners who have an upside down on their mortgages. This implies that they owe more than what their home is actually worth of. Various online companies in the market provides services for FHA short refinance plan, you can contact these companies to settle your problems.

According to the Obama administration, the FHA refinance program aims to help nearly three to four million homeowners to stay in their homes for few other years. Below given are the basic requirements for the approval of this plan.

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FHA short refinances plan requirements:

•   The homeowner’s property should be his primary residence.
•   Homeowner should qualify for the new loan, all under FHA requirements and should have a credit score of 500 or more than that.
•   Homeowners who apply for this plan should be current on their mortgage payments and should not have a habit of missing payments.
•   The combine balance of loan to value ratio should not be greater than 115%.
•   The present loan which needs to be refinanced should not be FHA insured loan and the loan to value ratio of the first mortgage should not be more than 97.5%
•   To smooth the progress of this plan, the U.S. department of treasury provides incentives of $500 to all the present second lien holders.

Many American states like California, Florida, Amazon and Nevada are baldy suffering from the problem of underwater mortgages and they have a second lien too. Thus for all such states, FHA short refinance program would bring good luck. They will get low FHA refinance rates if they contact good lenders and get loans from them.  Lots of Americans have benefitted from this plan and you too can be one among them. To avail the maximum benefit, you can contact online lenders and seek loan details from them. But before taking any step, you need to first research hard and gather as much as information as you can.

Obama government is also providing services for other plans like Obama mortgage relief. Through this plan, borrowers can surely lower down their monthly mortgage and save their home from bankruptcy. If everything is implemented properly, by following these plans, one can surely clear his problems. After availing these plans, homeowners can surely overcome their troubles and lead a peaceful life ahead.

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