FHA Short Refinance

This program has been suspended

Many homeowners saw a decline in their home value over the past few years as  their local markets saw large declines in home values.

 

In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the FHA (a part U.S. Department of Housing and Urban Development) recently announced details on a new program that will enable banks and lenders to provide additional refinancing options to homeowners who owe more than their home is worth.

 

Highlights of the new FHA Short Refinance Program

 

  • You must be able to fully document your income for your new loan
  • You must have a credit score of at least 500
  • You must be current on your existing mortgage payments
  • In order to be eligible for an FHA short refinance, the property must be your primary residence

 

The FHA Short Refinance Program has been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 
 
 
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