3 Steps to Stimulus Mortgage Help

The federal stimulus provides mortgage assistance for the neediest borrowers through the FHA loan refinance program. This program allows those people facing foreclosure due to predatory lending a chance to get a better loan and say in their homes.

#1 Determine If You Qualify

You will need to have a subprime loan adjusting to a higher interest rate. You will need to have made all payments when the loan was inexpensive, and you must be able to show you could still afford the loan if it does not adjust to the higher interest rate.

#2 Apply with the FHA

Applications require information about your credit history, total debt profile and income. If you prove to be a risky borrower, the FHA may not extend you the option. While this program is for home owners at risk, it is specifically targeted to those who have been responsible with their decisions but fell victim to bad lending practices.

#3 Follow Steps to Refinance

You will be refinancing your loan with the federal program. This will require a lengthy process at times, and you should be prepared to discuss options with a representative over an extended period. While federal loans are cheap, they do take a long time to source.

 

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