How will the new FHA refi program help?

Asked by Staten Island, Staten Island, NY Mon Apr 29, 2013

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Joseph Runfo…, Agent, Staten Island, NY
Wed May 1, 2013
Yes, the new program will help as it is designed to maintain home ownership by providing borrowers, who owe more on their mortgage than the value of their home, opportunities to refinance into an affordable FHA loan. The new program offers important help for those who qualify; ten percent taken off any amount owed on a mortgage, but the Department of Housing and Urban Development reminds potential borrowers that this particular refinancing program is only for those who are current on their mortgage payments. The borrower must be living in the home being refinanced as their primary residence. The borrower must qualify with a credit score of at least 500. The program is designed for homeowners with conventional or sub-prime loans. It is not intended for borrowers with FHA mortgages.
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Keith Jean-P…, Agent, East Brunswick, NJ
Mon Apr 29, 2013
I am not sure which program you are referring to but in general most of the refi/modifications don't last and have about an 80% default rate.
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