Has anyone heard of an FHA loan that works with refinancing mortgages in case you are “upside down” currently
Written By: admin on July 15, 2009
One Comment
I was told by a refinance.com agent that I may qualify to have an FHA loan to cover the remaining debt on my current mortgage since I am "upsode down" on my current mortgage, and desperately needing to refinance. Is this possible? He clarified that the government is trying to help people keep their homes and lets you borrow that money until the equity in the home returns. Is this right???
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I am not sure what state you are in? There are HUD counselors available in your state to help you negotiate with your lender and/or to find a refinance program for you. FHA does have looser LTV (Loan to Value) standards and are more likely to work with someone with less equity.
You are right that the government is working with people to help them keep their homes, but you have to be proactive! Look up the HUD counselors in your area and they can further direct you as to some of these programs. Best wishes!