(“underwater”) if the borrower hasn’t previously missed mortgage payments. The program is for borrowers whose equity is negative. Where the lender accepts refinancing, they’re asked to bring down your mortgage to an amount that will not be above 97.75% of current value of the home. The FHA is able to insure mortgages made by lenders to the survivors of a disaster who lost their homes in order to help them become homeowners again. Also, loans are insured by the FHA to enable those lending to offer lesser closing costs, lesser down payments, as well as simple credit qualifications.
THE FHA'S SECOND LIEN P ND LIEN PROGRAM
You could be eligible to have your second mortgage on the same home reduced or eliminated through the FHA Second Lien Program (FHA2LP). You may qualify if your first mortgage servicer agrees to participate in FHA Short Refinance. If your second mortgage servicer decides to participate, the total amount of your mortgage debit after refinancing can’t exceed 115% of your home’s present value. You may be eligible for FHA2LP if you’re eligible for FHA Short Refinance if you obtained your mortgage on or before January 1, 2009. If your first mortgage servicer agrees to the FHA Short Refinance, they will work with your second mortgage servicer to eliminate or reduce the second mortgage. Many mortgage servicers have agreed to review homeowners for the FHA Second Lien Program when the first servicer approved a refinance under FHA Short Refinance.
SMALL BUSINESS ADMINISTRATION HOME DISASTER LOANS
If you have faced damage to your home or personal property and
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