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When will US Bank start using President Obama’s Making Home Affordable plan with FHA loans?

FHA Loans were approved for the Making Home Affordable Plot a couple of months ago. Any Thoughts?


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This entry was posted on Friday, October 9th, 2009 at 12:14 am and is filed under FHA Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “When will US Bank start using President Obama’s Making Home Affordable plan with FHA loans?”

  1. William says:
    October 9, 2009 at 12:15 am

    If you have an FHA loan now and you would like a lower interest rate, you can do what is call a Streamline FHA. Today, all you have to prove is that you have made the mortgage payment as agreed for the last 12 months. You do not even have to have a job. There are several other rules but FHA Rates at about 5.125% with APR of 5.5%.

    But,

    Starting Jan 1 2010, all FHA streamlines will require a new appraisal so this could keep a lot of people whose homes has gone down in value to not be able to get the lower rates.

    Also the Making Home Affordable are really being used only for borrowers who are behind on their mortgage payment.

    Send me an email if you have any questions.

    WBinnicker@fullsailmortgage.com

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