With the economy spiraling out of control, the U.S government is attempting to help consumers mortgage refinancing businesses get back on their feet. Since the housing market crashed, Americans refinancing mortgage holding on their cash, not spending as much, and have doubts about taking out loans to help consolidate and lower monthly payments. The good news is a few of the more prominent lending institutions have been green lighted to provide FHA loans to their customers. An FHA loan is federally insured and allows lenders to access funds at extremely low rates, and in return, the lenders can offer prime rates to a wide variety of customers. Currently, a person with average credit and good mortgage history can refinance for interest rates between 4.25 and 6.00 %.
Subprime customers with 8% and higher interest rates are perfect candidates for this type of loan. In most cases, lenders can lend up to 95% loan to value on single family residences and even on mobile homes. The mobile homes must be considered 'real property' to refinance with an FHA loan, and this simply means that the homeowner must also own the land where the home is located. The government is making these loans easier to obtain in hopes of putting some more money in the pockets of the consumers. This initiative by itself will play a major role in stimulating the bleeding U.S economy. If Americans can put fear aside and research the benefits of the FHA program, the housing market will finally begin its turn back to stable ground.
If you are struggling to make ends meet, or are worried that you could lose your job, there is one more option that you might want to consider. Wouldn't it be great to have a backup income that was recession proof just in case something happened? Why put your family's future in the hands of politicians? FHA loans might be the answer to some person's problems, but it is not a permanent solution. Go online and get pumped up about putting more money back where it belongs; in your pocket!
Jesse McClung - Internet Author and Loan Officer
You Are Just One Step Away From Financial Independence
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