The ideal candidate for this program is a homeowner who:
- Made all their mortgage payments on time, until the adjustment of their interest rate began and caused a financial stress.
This FHA program is great because it provides flexibility in qualifying by allowing borrowers to finance their delinquent payments into their new mortgage. In addition, if the new FHA mortgage is not enough to pay off the existing first lien, including arrearages and closing costs, FHA is allowing the lender to execute a second mortgage at closing for any difference.
To read more about FHA mortgages, visit this link:
View my original article an other Tampa Mortgage articles at www.tampabaymortgageblog.com
Interested in seeing if this refinance program is an option for your situation, please email Leah Ross, your Tampa Mortgage Source.