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Homeowners who already have an FHA home loan may qualify for an interest rate reduction. The FHA streamline mortgage offers a unique opportunity for borrowers who already have a FHA mortgage. May be eligible for a lower rate that reduces your payment at no cost to you out of pocket!


How to Qualify for a FHA Loan

FHA mortgages may be easier to qualify for if you already have a FHA insured lien that you have been paying on time with for the last year. FHA loan companies will also want to make sure that your employment is still intact, but less documentation is required!

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Helpful Home Buying Resources:
Downpayment Assist Programs for People in California – CalHFA applicants must complete approved home buyer counseling programs and obtain a certificate of completion through an approved company. Remember that CalHFA does not actually extend credit to consumers. In fact, CalHFA connect via specific private loan sources that underwrite applicants and to originate home loans using down-payment assistance in the state of California.

Down-Payment Assistance in Oceanside, CA - Get help buying a house in Oceanside, California.

San Diego Home Buyer Programs - You are invited to compare down-payment opportunities for first time home buying in San Diego County.

Home Loans for Poor Credit Scores – Many people with low fico scores have still been ability meet new requirements for house buying.


FHA Loan Blog - Read, Research and Review the latest FHA programs for Home Buying and Loan Refinancing


FHA Announces Down Payment Assistance Home Loans

FHA is rolling out a new loan program designed to stimulate the housing sector of our economy. If you have been waiting to buy a new home, but you do not have enough for the requested down payment then your prayers may have been answered. The new FHA home loan programs could provide credits to borrowers to pay from $7,500 to $15,000 in towards the down-payment costs. Many first time home buyers are realizing that down payment assistance programs exist from a select group of FHA approved loan companies. Whether you are looking for a "rent to own" home loan or government sponsored down-payment assistance, FHAHLR.com can help you research true solutions..

Many FHA finance companies indicated that the lowered mortgage rates for home loans have helped keep their business alive and helped put a smile on their FHA customers face. FHA has become a great alternative to both conventional and non-prime mortgages because they are flexible and affordable! Cash out refinancing volumes continue to rise with more and more borrowers deciding to refinance their first and second loan into a new mortgage that also gives cash back for home improvements.

 

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100% Financing for 1st Time Home Buyers


No Cost Loan Options for New Home Financing

Check Out the Down Payment Assistance Loan from WISH:

  • Applicant has been enrolled by a company approved to offer the WISH Down Payment Assistance Program for 1st Time Home Buyers.
  • Home buying applicant successfully completed an approved homebuyer counseling program.
  • Applicant is a first-time home buyer
  • At the time of application for a down-payment assistance loan, borrower meets income eligibility guidelines as published by the Bank
    (at or below 80% of the HUD area median income)

Please be aware that funds allocated under the WISH down-payment assistance loan program may only be used toward deposit or reasonable closing costs in conjunction with the purchase of residence that is considered for dwelling as the primary residence of this specific house buyer.

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Down Payment Assistance for FHA Loans

In a recent article, Pete Carey reported that many homeowners have been struggling with their current sub-prime loans. The new mortgage bill should help out 1 st time buyers and mortgage bankers as President Bush signed a new bill to revive the nation's moribund housing market. The bill's impact should be felt throughout Santa Clara County, from East San Jose and South County, where foreclosures have skyrocketed, to the wealthier cities farther north, where limits on some types of loans have complicated or stagnant refinance and home purchase loan. "We're really, really hoping this bill is going to make a difference," said Rebecca Gallardo, board chairman of the National Association of Hispanic Real Estate Professionals and a San Jose real estate agent. Another key provision of the Housing and Economic Recovery Act of 2008 is a Federal Housing Administration-backed foreclosure rescue lifeline for an estimated 400,000 homeowners who bought houses during the bubble of the past several years using exotic subprime-loan schemes that backfired, sending their interest rates soaring.

President Signs New Mortgage Relief Law

This mortgage rescue bill should help the people left who still have their homes, but who are not too far along in the foreclosure process. The home financing bill authorizes the sale of $10 billion in mortgage revenue bonds, which will be used to refinance these troublesome subprime mortgages into fixed-rate, 30-year loans with more affordable interest rates. "It's going be a big help," said Dave Walsh, president of the Santa Clara County Association of Realtors. "It gives the ability for some homeowners in financial duress to apply for and get some of these loan products." That will help the South County and East Side areas that have been hit hard by the subprime mess, Walsh said. "They are the special-needs borrowers, and those borrowers need help right now." The bill also offers a $7,500 income tax credit, repayable over 15 years, to first-time home buyers on qualified purchases from April 8, 2008, to June 30, 2009. There is also money for communities to fix up neighborhoods declining due to foreclosures.

The large package of reforms and market incentives also should deliver a reviving jolt to the state's mortgage industry. California's loan industry was already stimulated somewhat by an emergency measure that temporarily increased the "conforming" loan limit in high-cost areas from $417,000 to $729,750, which expires Dec. 31. Conforming loans are those that can be purchased by the government-sponsored mortgage giants Fannie Mae and Freddie Mac, which own half the country's mortgages, and loans they can purchase tend to have lower interest rates.

The new bill allows for a smaller increase Jan. 1 to $625,500, but it is permanent. The limit on FHA loans also will increase, to the greater of $271,050 or 115 % of an area's median home price up to $625,500. "If we had these higher-cost loan limits four years ago, buyers would not have had to go to the subprime market and would have been able to get an FHA loan," said California Association of Realtors President William E. Brown.

In 1999, there were 125,000 FHA loans in California, and in 2006, there were 5,000, Brown said. "It's not as much as we would have liked," said Cathy Warshawsky, president of the California Association of Mortgage Brokers Silicon Valley. "California is a high-cost state. It won't cover all the areas, but it's a start." "It will certainly add some life to the market," added Dustin Hobbs, spokesman for the California Mortgage Bankers Association. He said that while the temporary increase was bigger, key mortgage market players knew it would be gone by end of the year. "There wasn't the ability to sink your teeth in," Hobbs said. "Now that it's permanent, we can really get to work."

An important part of the measure will let the Treasury bail out troubled mortgage giants Fannie Mae and Freddie Mac if they need it, by authorizing the Treasury to spend billions of dollars in federal money for that purpose. This cushion, it is hoped, will revive investor confidence in the two government-sponsored companies, which have been battered by fears over their financial health. President Bush signed the bill early Wednesday morning in the Oval Office. The act was approved by Congress last week after gathering provisions that provoked a veto threat from the president. That threat was dropped this week in favor of quickly bringing some stability to teetering financial and housing markets. The legislation goes into effect in stages, with some parts retroactive and other parts taking effect October 1st.
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With the government increasing the funding for FHA insured loans we could see mortgage rate declining again in 2009. FHA rates have remained low for the year with affordable 30-year fixed rate incentives.

Rate & Term Refinance with FHA Mortgage
Chapter 13 Bankruptcy Refinance Loans
FHA Mortgage after 7 or 11 Bankruptcy Discharge
  Because of plummeting home values and high adjustable rates, many consumers are inquiring about the FHA Secure options that are offered to homeowners who were never late prior to their mortgage adjusting.  
 
 

© 2008 to 2014 - FHAHomeLoanRefinancing.com - This is a website and does not guarantee loans online. Please note that this site cannot guarantee acceptance for the WISH Program. This down-payment assistance program is part of the Bank's Affordable Housing Program and is administered in accordance with the Federal Home Loan Bank Act. This is not an advertisement for credit or a commitment to lend. Certain restrictions and requirements may apply. - Site Disclosures

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