An underwater mortgage is when a homeowner owes more on a mortgage than your house is worth. For example, your home is worth $250,000, but you owe $300,000 on the mortgage; that means you are underwater, or upside-down on your mortgage.
Filed under FHA streamlines, government mortgage financing Programs News, HARP Program Loans or The Obama Refinance Program, Upside Down (Underwater) Mortgage Programs As predicted, the new fha streamline program that launched in June created a massive stampede of FHA streamline refinances over the last month or so.
Down Upside For Programs Mortgages Government – Fill in this short contact form to be contacted about government-backed home purchase programs.Learn more about available programs and qualification requirements below. An upside-down mortgage has a loan balance higher than the home’s current value.
Government Mortgage Relief Programs Loan Modification. The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An "affordable" mortgage payment is typically defined as 31% of the borrower’s monthly gross income. This is achieved by modifying one or more components of your mortgage:
When you have negative equity (i.e., you are upside down and alone), it can be nearly impossible to refinance your mortgage. There are new programs offering government refinancing help for homeowners in this situation. To find out if you are eligible for help, you should visit the Making Home Affordable website.
Even FHA loans require you to have at least 5% equity in your home to refinance a mortgage. You might qualify for a Home Affordable refinancing, which is part of President Obama’s foreclosure.
Government Programs A mortgage loan obtained through a federal government program can in many cases mean less stringent standards for qualifying and money saved in the long-run. This program gives you options for getting out of your upside down housing situation or mortgage you can no longer afford by allowing homeowners to do a short sale or a.
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Down Upside For Programs Mortgages Government – Fill in this short contact form to be contacted about government-backed home purchase programs.learn more about available programs and qualification requirements below. An upside-down mortgage has a loan balance higher than the home’s current value.