Hi Folks,
If you're stuck with increasing monthly mortgage payments that are unaffordable, now may be the time to look into refinancing your home with FHA. You may be more qualified than you think. An FHA Refinance is a government backed home refinance that allows you to get 95% loan to value on your home. The costs of an FHA refinance can be rolled into the new loan. There could be enough equity to allow you to pay off high interest charge cards in addition to paying off a high rate mortgage loan.
When it comes to an FHA refinance plan, you will be able to get a lower interest rate than the one you were initially given if you borrowed from a bank or other lender and allow you to save money in the long run. The Federal Housing Administration (FHA) has announced new mortgage loan limits for high cost areas like California, New York, New Jersey…… and other states, the FHA new loan amounts have been raised to as high as:
$729,750 for a single family home.
$934,200 for a 2-family home
$1,129,250 for a 3-family home
$1,1403,400 for a 4-family home
These new loan limits will have a very positive effect on homeowners seeking a lower, fixed interest rate.
This new FHA policy change should help many homeowners who need to refinance but normally would not qualify for a conventional mortgage. This also allows people that have more expensive homes and have fallen behind on their mortgage payments to use the new FHA secure program.
In order to find out how you can rework your particular situation, visit http://www.calmortgagedepo.com/ and contact the home loan specialists. In order to make the process easier for the clients, we have made application available online. Visit today to learn more.