FHA Refinance For People With High Debt To Income Ratios
| Do u have trouble making monthly mortgage payments, because of low income and a lot of debt? If the answer is “yes”, FHA refinance may be the answer for you. |
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Benefits of a FHA Refinance:
- FHA refinancing loan is generally easier to qualify than a traditional loan. The reason is FHA guarantees your loan. Other words, FHA promise the lender that if you go into default, the lender will get their money back from the FHA.
- Even if you have less than perfect credit history, you can still refinance with a FHA loan. Lender is guaranteed to get their money back in the case of foreclosure. Therefore, they are more likely to lend you money, even with poor credit score.
- There is very low down payment or no down payment. Most preferably down payment is usually around 20%. FHA loans only requires 3 %.
- Interest rate with a FHA refinance is much lower than other traditional mortgage loans. The reason is because the government guarantees the loan and offer long-term fixed interest rates.
- FHA will always stand by you. Most lenders give you money, and then you are on your own. In fact, they may even sold your mortgage to other companies, and you may never talk to your original lender ever again. Unlike other loan company, FHA will stay with you. If you have financial trouble, you need to contact FHA immediately.
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