Solutions For FHA, VA, REFI, Fixed Rate, Conventional & Fannie Mae Loans by MD Expert Tim Marose

www.tmmortgagegroup.com

Qualifying for a mortgage loan in the past year has been quite a challenge. Many borrowers that qualified easily a year ago are now having difficulty getting an approval. Tightened lender requirements are adding new hoops for even the best borrowers to jump through.

More than 2 million adjustable rate mortgages are due to reset in the next several months, with FIFTY BILLION DOLLARS about to adjust! Many homes in the US have decreased in value in the past year and many homeowners have found themselves owing more than their house is worth.

Many borrowers used low "teaser rates" to secure a new home with a very low payment and no money down, not worrying about being able to qualify for a new loan in the future. Now, options are limited and many homeowners face payments they just can´t afford. What is a homeowner to do?

FHA loans have increased at a record pace due to new lender requirements. What was once for only the credit challenged borrower, now many with great credit and little equity find themselves in line for an FHA loan.

An FHA loan allows homeowners to borrower up to 95% of the equity in their homes for rate reduction, debt consolidation, and other cash out refinances. Borrowers looking to just lower their current interest rate (rate and term refi) or secure a fixed loan have the ability to borrower up to 97% of their home´s value.

VA loans offer many of the same benefits as FHA loans, but you must be a veteran in order to qualify. VA offers the ability to purchase a home with $0 down, but many other requirements must be met in order to qualify.

Fixed rate mortgages have been the rage for most borrowers. Many have been burnt by adjustable rates and agree that if it sounded too good to be true…..it was! A fixed program at 6.5% makes much more sense to homeowners that intend to stay in their property than an adjustable loan that starts at 5% and increases to 8% after just a few years.

There are many options still available to homeowners if they know where to look. Many lenders offer very specific programs and deny borrowers that can still qualify with other brokers or lenders.

Often times a denial makes a borrower think they can´t qualify for any programs. THIS IS NOT THE CASE! To find out what options are available, please email me at Tim@tmmortgagegroup.com or call me today at 1-800-696-1424.