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Loss mitigation departments may choose to approve you for a new loan which is (another adjustable or tiered -fixed loan). Be careful. Do your homework or "talk-it-over" with your representation.The federal housing administration (FHA) has required that all homeowners who become approved for this program accept a 30 year fixed rate program. No other loan types will be accepted. You can only qualify for this program.FHA will loan up to 90% of the current value of your property. This means that if you purchased your property for a higher purchase price and currently have a loan amount higher than what the value of the property is presently, you can become approved to do a loan amount at 90% of what your current house is worth.
Loss mitigation departments may choose to approve you for a new loan which is (another adjustable or tiered -fixed loan). Be careful. Do your homework or "talk-it-over" with your representation.The federal housing administration (FHA) has required that all homeowners who become approved for this program accept a 30 year fixed rate program. No other loan types will be accepted. You can only qualify for this program.FHA will loan up to 90% of the current value of your property. This means that if you purchased your property for a higher purchase price and currently have a loan amount higher than what the value of the property is presently, you can become approved to do a loan amount at 90% of what your current house is worth.
