Mortgage Loan Help: Speeding up Stimulus Programs

You can get mortgage loan help from the Federal Housing Administration through specific programs in the stimulus bill that was passed after the 2007 housing crisis. The bill does not help all home buyers, instead it aims to assist specific borrowers who are facing foreclosure due to the loan market and economy. You can get help faster if you know where to go.

Do your Research

Make sure you will qualify before you go through the process. For example, in order to be eligible for a fixed rate loan refinance through the FHA, you must meet certain criteria. You must have an adjustable rate loan. You must have been able to afford this loan before rates adjusted, and you must be facing foreclosure today, as a direct result of the rate adjustment.

Apply at the State Level

California, Arizona, Nevada, Florida and Michigan are the targets of a new program that is offering assistance to the unemployed as of February of 2010. If you live in one of these states, you are able to tap into an additional $1.5 billion in funding for the unemployed. Applying at the state level can help expedite your application because these states have been cleared for the additional assistance. You will be given priority over applicants from other areas. 

blog comments powered by Disqus