Tucson FHA Loans – AZ FHA Mortgage Loans

Is Your Mortgage Loan Keeping You Up At Night?

Do you need help with your mortgage Loan? Are you concerned that there are hurdles keeping you from refinancing or that you may be faced with foreclosure?

It’s The ARMS That Have It

Reality is that home sales have slowed and in many parts of Arizona we are being hit with declining values; which makes it tougher if not impossible to sell a home. To top it off buyers are attracted to the perception of getting a good “foreclosure” or “Short Sale” deal. This is particualarly impactful to homeowners who have Adjustable Rate Mortgages (ARM Loan) that are going up. That’s where the FHA Secure comes in.

It’s True, In Many Cases The FHA Secure May Be Able To Cure Your Mortgage Problems

If you have an Adjustable Rate Mortgage (ARM Loan) that has too high of a payment, you really should take a look at this government backed mortgage loan.

So How Does The FHA Secure Help

The FHA Secure gives homeowners who currently have Adjustable Rate Mortgage loans the ability to refinance into an FHA insured mortgage loan EVEN if they are delinquent on the current mortgage. With the FHA Secure you are not automatically disqualified for being delinquent. In some cases, your lender may even offer you a second mortgage to make up the value of your property and what you owe.

What If I’m Behind On My Payments

There isn’t a limit as to how far behind you are on your Adjustable Rate Mortgage loan. If you are delinquent, the mortgage delinquency 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 loan to fully amortizing.

I Need To Refinance But I Don’t Have Any Equity – I’m Upside Down

In this case you should ask your current lender to consider taking a second mortgage to pay the difference or take a “Short” payoff on your existing loan. A new subordinate loan or a Short Refinance Payoff is at the discretion of your existing lender.

How Does A Foreclosure Affect My Ability To Qualify For An FHA Secure Mortgage Loan

Each situation is truly unique and qualifying for the FHA Secure Mortgage loan when you are already in foreclosure will depend upon the value of your home and how much you owe. If you owe more than it is worth your existing lender will need to offer you a second mortgage or be willing to accept a Short Payoff.

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