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Written by David Hayes
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In today's turbulent economy, there's little wonder that many home owners are seeking to lower their monthly home loan payments or tap into their home equity to weather financial storms created by employment problems or investment downturns. Unfortunately, because of the economic crisis, many people seeking to refinance their homes have dings on their credit because of other money problems and may have trouble finding a lender to refinance their mortgage. Fortunately, the Federal Housing Administration has a program that could help people with bad credit refinance their homes.
The FHA provides a variety of incentives to homeowners, among them refinancing. Refinancing is essentially renegotiating a loan to lower interest rates, monthly payments, or to borrow more money by using existing equity as collateral and rolling the old loan into a new one with, in most cases, monthly payments equal to or less than the existing loan. |
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Written by David Hayes
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Tightened credit conditions are making it increasingly necessary for folks with less than perfect credit to use the services of a mortgage broker in order to refinance their home loans.
Just a few years ago, it was relatively easy for people with FICO scores of less than 620 to secure a home loan or to refinance an existing home loan. Unfortunately, many of these people were unable to meet the terms of these loans, leading to the collapse of the housing market which caused a recession which resulted in further defaults on mortgages, triggering further economic turmoil. |
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Home Affordable Modification Program |
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Written by David Hayes
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To help offset the impact of the recession on homeowners and the already battered housing market, the Obama administration in early 2009 proposed and won passage of a program to help homeowners refinance their mortgages to lower payments or secure lower interest rates.
While folks with bad credit may not be able to take advantage of all the opportunities offered by the Making Home Affordable Program, there are some provisions that may help them modify their home loans to make them more affordable. |
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