Attention to all Connecticut homeowners. You simply must refinance your adjustable mortgage into low FHA mortgage rate. The FHA guidelines have recently changed to provide major benefits for Connecticut home mortgages. The new changes are long overdue and will allow you to refinance your risky Connecticut adjustable rate mortgages into a low FHA mortgage rate.
There are several specific rules that you must be aware of if you are considering refinancing your Connecticut home mortgage.
The changes are as follows:
- The program is temporary and only available until December 31st, 2008.
- Your current mortgage must be a non-FHA adjustable mortgage that has already reset (means payment has increased).
- If you have fallen behind on your mortgage due to the increase in the payment since it started adjusting you may still qualify.
- Your mortgage payment must reflect 6 month's prior to your mortgage payment changing you had on-time mortgage payment history.
- If there is sufficient equity in the home FHA may still insure mortgages that include missed mortgage payments.
- If the loan amount that you need exceeds FHA mortgage amount limits or LTV limits then you may qualify for a second mortgage.
- It must be a owner-occupied property.
The main reason for this change is due to Connecticut mortgage lenders that gave Connecticut adjustable rate mortgages with low introductory interest rates and payments that have recently reset and increased. Reset means that the rate and monthly payment has adjusted upward based on a number of factors determined by a group of banks or lending institutions.
With a low FHA mortgage loan you can have a FHA loan rate in addition to FHA refinancing assistance if you have a circumstance that contributes to your late payments. You no longer have to take the risk of refinancing with a unstable lender when you can take advantage of a FHA government home loan that will give you the stability and monthly savings you need.
Author: Chris Rivers
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