Having Trouble Making Your Mortgage Payments?
The American dream is quickly turning into an American nightmare for millions of homeowners. It's old news that the subprime mortgage market is taking a huge hit due to the predatory lending practices of mortgage loan companies. Now it's time to start fixing the problem. We have already seen the number of adjustable rate mortgages drop, but that doesn't help any of the people who are defaulting on their loans. Luckily, legislation recently passed by Congress and signed into law is set to help people like you who may be facing trouble making your mortgage payments.
It is estimated that hundreds of thousands of Americans will be aided by the opportunity to refinance their current mortgages using the FHA Program, which is currently set to handle up to $300 billion in refinance help for American homeowners. Depending on your current monthly payments and your income, equity, and debt to income ratio, our FHA Specialists will be able to work with you to refinance your home mortgage into an affordable payment structure that will keep you in your home. Contact us to discuss your options today.
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The Problems of Subprime Mortgages and ARM Loans
The problem with subprime is that the people taking out these types of loans typically do not have any other options available to them because of their income level or their less than perfect credit. These are people who risked their livelihoods on their American dreams of homeownership. It is in the best interest of the nation to see that they land on their feet.
While a federal bailout would be helpful to homeowners facing foreclosure, a better option would be to pass the FHA Reform Bill currently working its way through Congress. This bill would allow borrowers to refinance their homes at a more sensible interest rate. The bill might also eliminate the 3% required minimum downpayment for FHA Loans, as well as an increase in the loan limits in areas with higher costs of living, making FHA Loans a substantially better loan option for those with poor credit.
About FHA Mortgage Center.com
FHA Mortgage Center.com was founded to help educate homebuyers about their options and FHA Home Loan financing. Recent changes in the housing and lending markets have made government-insured loans secured by the FHA the safest, and often cheapest, option for many Americans. Our FHA Specialists understand FHA Loans and know how important it is to help you find a smart, long-term solution for your home financing. Contact us today by using the form here on our website. For more on our company, visit our About Us page.
