In the event you are current on your mortgage, but owe much more than your home is well worth FHA Short Refinance may be an option that your mortgage servicer will take into account. FHA Short Refinance was intended to help homeowners refinance into much more affordable, more steady FHA-insured mortgage. If your current loan provider agrees to participate in this refinance, they’ll be required to lessen the quantity you owe on your own first mortgage to no more than 97.75% of the home’s current value.
Contacting a professional at the Law Office of Thomas J. Sherwood can get this process started for you. You may be eligible if:
- Your mortgage is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA.
- You owe more than your home is worth.
- You are current on your mortgage payments.
- You occupy the house as your primary residence.
- You qualify for the new loan under standard FHA underwriting requirements.
- Your total debt does not exceed 55% of your monthly gross income.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
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