FHA 'SHORT PROGRAM' -  Upside Down Home Value Refinance

FHA Mortgage Assistance for the 'Upside Down' (Underwater) Home Owner

On  September 7, 2010, the FHA announced help to qualifying non-FHA borrowers who are “underwater” on their home loans.

Loan Program Highlights:

  • Must owe more on their mortgage than the value of the property;
  • Must be current on the existing mortgage to be refinanced;
  • Must have a “FICO based” decision credit score greater than or equal to 500;

Non-FHA borrowers who meet these guidelines are allowed to apply to refinance into a new  FHA-insured home loan.

Please Note- The program is not open-ended—the FHA announced the start date of the FHA Short Refinance program stating that the program is expected to help as many as four million homeowners through the end of 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 
 
 
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