Today, The White House announced that President Bush would lift his opposition to a Housing bill being voted on today in the House of Representatives. He concluded, with input from Treasury Secretary Paulson, that the Greater good was more important than the provision he opposed.
This bill includes several upgrades for homeowners accross America. It provides tax credits for first time homebuyers of up to $7500. Property Tax credits for other qualifying homeowners. Authorizes Government investment to shore up Fannie Mae & Freddie Mac, the two largest guarantors of home mortgages. It will allow permanent upgrades to the maximum loan amounts for Fannie, Freddie & FHA (details to come in the following weeks).
Here is the part that really inspired me to write a post. It will allow upside down homeowners to negotiate with their current lender to allow a "Short Refi".
What is a "Short Refi"? This process allows you to negotiate a payoff of your current mortgage that is lower than the current balance, so that you can refinance into a safe, secure & affordable FHA Fixed Rate Mortgage. Previously, Lenders had little motivation to do this, as the tax laws on how they must account for the write down in debt made it undesirable for their financials. Now, the new legislation, combined with the burden of the growing foreclosure lists, have made lenders more likely to work out a solution.
Part of the key to success with this strategy is to work with an experienced FHA direct lender such as VanDyk Mortgage. We have over two decades of FHA experience to offer you. We can even help with the negotiation of the short payoff to assist you into a better, more secure financial situation. Call us today at 866-900-2342, ask for Brian Skaar. Or apply online at http://www.vandykfunding.com/.
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County.
