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Business Real Estate GA Bad Credit Refinance With FHA
| GA Bad Credit Refinance With FHA |
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| Written by Brenda Puckett |
| Thursday, 24 July 2008 19:16 |
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You cannot turn on the news without seeing a new headline trumpeting the meltdown of the mortgage industry. Obtaining a conventional mortgage is becoming more difficult by the minute. Qualification guidelines are arguably tighter than they have ever been. This meltdown is occurring at the same time a record number of adjustable rate mortgages are set to begin their rate adjustments. Because these ARMs usually had initial teaser rates that were artificially low, if you have an adjustable rate mortgage there is a near 100% chance that your rate will be going up. Most of the time, this first rate adjustment will be several percentage points. It is not uncommon right now for a mortgage that has had an interest rate in the low 5's to be adjusting up to the 8 or 8.5 percent range! If you have a subprime loan, this increase may be from 6.5 percent to 9.5 percent or more! Borrowers who are unprepared for this will have their mortgage end up as part of the delinquency rate statistics talked about on the evening news. If you can't qualify for the today's more stringent conventional mortgage guidelines as a result of credit problems or too little of an increase in your home's value, there may still be a great option if your loan amount is below $346,250 in more populated Georgia counties and $271,050 in rural Georgia counties. You may still be able to qualify for an FHA loan. FHA loans allow borrowers to refinance even with higher ratios of debt in relationship to total income. FHA loans allow you to qualify for a mortgage even if you have experienced past credit problems just as long as there is a good explanation for the problems and the problems have been cured or a new mortgage will help cure them. FHA loans also allow a loan amount can go as high as 97% of the value of your home when necessary. Don't surrender if you currently have an adjustable rate mortgage and your payment is scheduled to go up. Call a local FHA lender today to explore your options to solve this problem. About the Author: For detailed details on Georgia FHA loans and whether you can obtain an FHA refinance, get in touch with Brenda Puckett with Home America Mortgage or visit her website for detailed free details. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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