Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Need To Refinance An Underwater Loan?

FHA LOANS, HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS
August 13th, 2010

FHA just announced a new loan program for homeowners that owe more than the current market value for their home. In less than a month, the FHA Short Refinance program will enable some borrowers who owe more than the current market value of their home to qualify for a new FHA insued mortgage. Here are some important points:

  • The loan to be refinanced can not be an FHA loan
  • The homeowner must be current on their mortgage payments
  • Must have a credit score of 500 or higher
  • Must be the borrowers primary residence
  • Existing lender must agree to write off at least 10% of the loan balance  bringing the total loan-to-value ratio to no greater than 115% of fair market value

The first step for borrowers wishing to take advantage of this program would be to contact their existing lender(s) and see if they are willing to write off at least 10% of the unpaid principal balance. If so, contact a local FHA lender for more information.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL SALES EXPERIENCE

This entry was posted on Friday, August 13th, 2010 at 12:10 pm and is filed under FHA LOANS, HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS. 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.

  1. Outlet ralph lauren said at April 19th, 2012 at 3:16 am

    It certainly does take quite a lot to find great info. like this. Thank you very much.

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