Mortgage and Mortgages

YOU WORKED HARD FOR HOMEOWNERSHIP

The Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive.

If you have an adjustable rate mortgage coming due or your interest rate is already too high, you owe it to yourself to look at the safe and affordable financing options provided by government-insured mortgages through the Federal Housing Administration (FHA). We provide mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and healthcare facilities. It is the largest government backed mortgage insurer.

WHAT IS FHASecure

FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe.

WHO IS ELIGIBLE

Starting on July 14, 2008, FHASecure will begin to provide additional assistance to subprime borrowers with adjustable rate mortgages, and help to restore liquidity and stability to the markets. It will assist families who have missed up to three monthly mortgage payments over the previous 12 months or have experienced temporary economic hardship, such as loss of overtime or medical needs, as well as those who were affected by payment shock. The expansion will also encourage lenders to voluntarily write down outstanding subprime mortgage principal.

So long as you are current on your mortgage and have sufficient income to make the mortgage payment, you are eligible for an FHASecure refinance. If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the "recasting" of the mortgage to fully amortizing.

By refinancing into a FHA-insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.

The knowledgeable mortgage loan consultants at TLC Lending can further assist you with FHA Secure. Please visit www.tlclending.com for more information.

FHASecure Expanded
FHASecure Frequently Asked Questions for Homeowners

Source: http://www.fha.gov/

The mortgage market remains in turmoil with home values continuing to decline and product availability dwindling. Full documentation, high credit score (>720) and loan-to-values under 80% are the new standard. If your mortgage profile detracts from this standard, expect to pay .50% to 1.00% more in rate than the current market (6.5% as of this writing).

You should consult a mortgage professional to discuss available loan options before you begin the mortgage process. In addition, purchasing a credit report upfront is a good way to understand your qualifying potential at a minimal cost. If there exist any credit issues, most mortgage companies can get them resolved and your credit re-scored on an average of 3 days versus 30 days for the consumer. Credit report cost range from $10 to $35.

You can, however, get one free once every twelve months, as required under a federal law, The Fair Credit Reporting Act (FCRA), from each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.

The knowledgeable mortgage loan consultants at TLC Lending can further assist you with product selection, qualification, and credit reporting. Please visit http://www.tlclending.com/.

Source: www.ftc.gov