FHA Loans were approved for the Making Home Affordable Plan a couple of months ago. Any Ideas?When will US Bank start using President Obama's Making Home Affordable plan with FHA loans?
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%.
However,
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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