This looks pretty cool huh!? Actually it’s a tool I used online to create this. Of course, the contents are true, because I wrote it Yes I am actually looking for Realtors and clients to work with so if you are or know a Realtor or are looking to buy or refinance your home give me a call! If you’d like to know how to create an article of your own like this (it’s actually kind of fun), just click this link or copy and paste it into your browsers address bar: http://www.fodey.com/generators/newspaper/snippet.asp

Have fun, post a comment to let me know what you think and hopefully I’ll be talking with you soon! Make it a great day!

Afraid you can’t refinance or that you’ll face foreclosure?

The Federal Housing Administration may be able to help

If you have an adjustable rate mortgage coming due or your interest rate is already too high, you owe it to yourself to look at the safe and affordable financing options provided by government-insured mortgages through the Federal Housing Administration (FHA). We provide mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and healthcare facilities.

Information about FHASecure

How can FHA help homeowners stay in their homes?
FHASecure gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe.

Must I be delinquent in order to be eligible?
No. FHA encourages homeowners facing reset to refinance before they fall behind. But even if you do fall behind, you may be eligible.

How far behind can you be on a mortgage to qualify? What about more than 90 days?
There isn’t a limit on how far behind you can be on your mortgage or how many payments you’ve missed. Whether you’re current, one month behind or multiple payments behind, the amount you can refinance will depend on the value of your property and how much you owe and if the lender, or another eligible source, is willing to take back a second mortgage to help bridge the gap between what is owed and your home’s value.

I have an interest-only mortgage. Am I eligible for FHASecure?
Yes. If you are current on your mortgage, you are eligible for an FHASecure refinance; and if you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the “recasting” of the mortgage to fully amortizing.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new FHA mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Are there any programs for people already in foreclosure?
It is possible that FHASecure may help homeowners already in foreclosure but each situation is unique and depends upon the value of your home and how much you owe, and if the lender is willing to offer a second mortgage. Homeowners facing foreclosure are strongly encouraged to talk with their lenders, possibly with the assistance of a HUD-approved housing counseling agency, to determine the best course of action. To find out if you qualify and what your options are contact Clay Edwards with Milestone Mortgage at either 1-800-921-2529 or 408-629-2529 for a free evaluation.

What if the average home price is above the FHA loan limit for my area? Are the FHA loan limits changing for this program?
FHA’s geographical loan limits and how much it can insure are established by law. Although the FHA-insured mortgage cannot exceed those loan limits, when a lender is willing to combine a first and second mortgage, the amount of the second could exceed the maximum loan limit for your area.

Does it matter that the value of my home is now less than what I still owe?
Not to FHA, but the mortgage lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.

Why should I consider refinancing into a FHA-insured mortgage?
FHA-insured mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

SACRAMENTO, August 21, 2008 – The California Housing Finance Agency (CalHFA), the state’s provider of affordable loans for first-time homebuyers, has expanded to three additional counties its special program to help first-time homebuyers purchase homes in communities hardest hit by the foreclosure crisis.

The expansion to Monterey, Sacramento and San Benito counties and additional areas in Oakland and Contra Costa County builds on the effort announced last month by Governor Schwarzenegger. Under the program, first-time homebuyers will be eligible for below market rate loans to purchase foreclosed homes in ZIP codes with some of the state’s highest foreclosure rates.

Several lenders have agreed to partner in the program and offer sales prices on foreclosed properties in those ZIP codes of at least 12 percent below the estimated value.

“The CalHFA Community Stabilization Home Loan Program benefits first-time homebuyers and neighborhoods affected by these foreclosures,” said Theresa Parker, Executive Director of CalHFA. “Loans for these properties will be at fixed, below market interest rates and the reduced prices on the properties will make them attractive and affordable for first-time homebuyers.”

This program is available in areas identified as among the most impacted by foreclosures in the state.

CalHFA estimates that the program will finance loans for between 800 and 1,000 firsttime homebuyers. The homes must fall at or under CalHFA’s sales price limits, and families must meet income requirements.

In Sacramento County, for example, families of three or more can earn up to $99,400 and still be eligible for the program. The limit on the home sales price in Sacramento is $580,000.

“While this program will not solve the crisis, it is an important step in addressing some of the negative impacts of foreclosure on communities and also helping people who have long been priced out of homeownership achieve their dream of buying their first home,” Parker said.

The program involves properties owned by lenders who have opted to partner with CalHFA on this program and offer reduced prices. Importantly, Parker said, each of the homes will be purchased by people who will live in the homes.

“This program will put homeowners into these houses, not speculators or investors,” Parker said.

The program began July 21, 2008 and will be offered until the $200 million in financing is allocated. The program is funded using tax-exempt bonds, without any cost to California taxpayers. The initial areas covered by the program included Riverside, Stanislaus, San Joaquin and Merced counties as well as parts of Los Angeles, Contra Costa and Alameda counties. All or parts of the following counties are also included in the program: Alameda, Contra Costa, Los Angeles, Merced, Monterey, Riverside, San Benito, San Bernardino, San Joaquin and Stanislaus.

For a list of foreclosed properties eligible for this program, sales price limits and income eligibility requirements please visit call Clay Edwards at 1-800-921-2529.

CalHFA has been playing a key role in helping Californians purchase their first homes since it was created by the legislature in 1975 to offer safe, fixed rate financing for firsttime homebuyers. The agency has invested more than $18 billion in non-taxpayer funds to help more than 150,000 California families live in a home of their own, with mortgages they can afford.