The Federal Housing Administration (FHA) has finally come into compliance with President Obama’s Home Stimulus Program! This means that millions of homeowners that previously could not get a loan modification, will now be able to! Effective August 2009 FHA borrowers will be able to reduce their monthly mortgage payments! This is great news for every FHA borrower out there!
Previously only Fannie Mae and Freddie Mac borrowers were eligible for loan modifications. Now under the new guidelines there are now FHA loan modifications! Let’s look at how the FHA has changed to help American homeowners.
FHA borrowers will now be able to lower their monthly payments to something they can actually afford! The principle balance of your loan can be reduced by as much as 30%, thus allowing a recalculation of the monthly payment. However, that 30% reduction does not vanish, it is simply deferred. You are then required to repay that deferment once your initial mortgage is paid off. Basically this extends the usual FHA terms to more than 30 years.
Of course you will need to apply and get approved just like any other loan modification process. There is an application and multiple documents that must be submitted. You will need to contact your specific lender for their unique requirements. But at least now you have a chance even if you are a FHA borrower!
The application process for FHA loan modifications is just as complex and detailed as non FHA modifications. It can be confusing and overwhelming to face this application process while constantly worrying about saving your home. You are not alone! There is help available to you! There are experts that can facilitate the process for you.
They will contact your lender, insure that you have all of the documents required and help verify that everything is accurate and complete. They will also work to get you the best possible FHA loan modification available! Just make sure you do your homework and choose an expert only after checking them out! There are many scams out there right now, you don’t want to fall victim to them and end up losing your home anyway! Call the Better Business Bureau, call the Chamber of Commerce and verify that whomever you choose has a business license and a good rating!
To help you get started, I have done a bit of research for you. These loan modification experts [http://loanmodificationsecrets.org] can help you. You can find out if you would qualify for a modification loan for free! Don’t wait; your home could depend upon it! Take the first steps to saving your home today! You will be thankful tomorrow!