Thursday, August 2, 2012

The Fha secure schedule

Do you know about - The Fha secure schedule

There are many myths about Fha regain loans. It is time to clear up the ambiguity and let the homeowners of America know exactly what can and cannot be done with an Fha regain mortgage. There is a lot to go over, but if you are upside down on your home, behind on your mortgage payments, in foreclosure, have an adjustable rate mortgage, or have a first and second mortgage on your home then you may benefit from an Fha regain mortgage.  

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The Late Mortgage Payment  

If you are like many homeowners you have been late on some of your mortgage payments recently. You may even be up to 90 days or more behind on your mortgage payment. The Fha regain program does not have any requirements for late payments. What does this mean to you? Late mortgage payments do not eliminate your chances of obtaining a loan with this program. In fact, there is no limit on the estimate of late payments or past due payments that are allowed. Keep in mind that you do not have to be past due on any payments and you do not have to have any late payments. Late payments do not play a major role in your capability to qualify for an Fha regain mortgage.   There is one limit on late payments. If you currently have an interest only mortgage you must be current on your mortgage. Late payments are allowed if your adjustable rate mortgage has recently reset. This is carefully a payment shock. Homeowners that are currently in foreclosure are also eligible for an Fha regain mortgage; depending on how much equity remains in the home and any other factors. Homeowners in foreclosure should all the time try to work with their current lender but it may be possible to regain Fha financing and save your home.  

Fha Loan Limits  

The loan limits for Fha financing vary by county. You can honestly find these limits online or you can caress an Fha beloved lender to get more data on these limits. Fha is not implicated with the value of your property. It is possible to use an Fha regain mortgage to refinance a home if you owe more than the value of your property. Your current lender will need to be willing to accept a short payoff, or the lender that you are using for the Fha regain loan must be willing to offer you a second mortgage to make up the difference. If you currently hold a first and second mortgage and you would like to refinance with an Fha regain mortgage, the combined amounts of your first and second must be less that the Fha loan limits for your county.

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