The New Arizona FHA Mortgage Loan Refinance Option For Home Owners Who Owe More Than Their Home Is Worth..

You heard it here first.. renewed Hope for Home Owners..

David Stevens of HUD just announced that the Obama Administration is putting together an FHA Refinance program that will allow for a homeowner who is upside down on their home (sounds like all of us in Arizona, doesn’t it) to refinance into an Arizona FHA Mortgage Loan.

They anticipate the FHA Refinance program to be available within the next few months.

Arizona FHA Refinance Options for Underwater Homeowners – Encouraging Responsible Refinances

  • Home owners with current financing OTHER than FHA are eligible
  • It’s mandatory that part of the principal be written off by the existing lender
  • The new loan cannot be more than 97.75% of the home’s value
  • Combined mortgage debt must be written down to at least 115% of the current value of the home
  • Monthly mortgage payments must be reduced to no more than 31% of household income
  • Must have a credit score of 500 (that shouldn’t be too tough)

Here is the press release for the new Short Refinance.  HUD FHA Refinance for Underwater Home Owners

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