Solution for Upside Down Homeowners - The Short Refi with VanDyk FHA
The housing bill of July 31, 2008 offered a new solution for homeowners who are upside down in their homes to refinance into safe, secure, affordable FHA loans. It is called the "Hope for Homeowners act". The new loan is based on the current appraised value, and will be at 90% of the current value. The homeowner must negotiate with their current lender to accept the "short payoff" and participation in the program. VanDyk Mortgage offers negotiation services to help homeowners get their current lender to accept the short payoff, allowing the "short refi" to happen.
What is a Short Refi? A short refi is much like a Short Sale, except you get to stay in your home afterward. Your current lender accepts a payoff for less than what is owed, and you refinance into a new VanDyk FHA Loan.
Homeowners may qualify for this program even if they have not been late on their Mortgage. Many banks are telling their clients that they don't qualify for loan modification or short payoff until they have been late. We can help you negotiate with your current lender to get the results you need and get the loan you can afford.
Even if you owe more than your home is worth, we can help you get into a new FHA loan, based on your current appraised value (even if this is less than you currently owe), and negotiate the terms of the Short Payoff with your current Lender.
We offer two solutions for this problem, one for homeowners who are delinquent on their current mortgage and another for those who have good credit still, but are facing a rate adjustment or reset, or just have too high of a mortgage.
Give us a call to help fix your home loan into a safe, secure, fixed FHA Loan from VanDyk Mortgage. We offer over 21 years of FHA experience, and are a Nationwide FHA Direct Lender with Full Eagle Status from HUD. Our toll free: 866-900-2342 or visit us online at http://www.vandykfunding.com/.
