FHA Launches Short Refinance Opportunity for Underwater Homeowners
Note that this information is outdated.
The US Department of Housing and Urban Development (HUD) made a change to its short refinance program that will enable mortgage lenders/ banks to provide more refinancing options to homeowners who are upside down in their mortgage. Starting 9/7/10, the Federal Housing Administration (FHA) will offer certain “underwater” non-FHA borrowers whose mortgage payments on their existing mortgage are up to date and whose lenders agree to write off at least 10% of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
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If you owe more than your home is worth and want to aply for a short refinance please click here