Homeowners or a servicer of an existing eligible loan need to contact an FHA-approved lender. The FHA-approved lender will determine the size of a loan that a borrower can reasonably repay and that meets the requirements of the program. If the current lender or mortgage holder agrees to write-down the amount of the existing mortgage and make the new loan affordable, the FHA lender will pay off the discounted existing mortgage. Loans provided under this program must be 30-year fixed rate loans.
______________________________________
Provided by: Steve Linnin
http://www.linnin.info
NOTE: I AM FULLY APPROVED TO SUBMIT YOUR TRANSACTIONS TO FHA. MANY MORTGAGE LOAN OFFICERS ARE NOT HUD/FHA APPROVED TO COMPLETE FHA LOAN TRANSACTIONS. BE SURE YOUR BROKER OFFICE IS HUD/FHA APPROVED.
