Neighborhood Market Update: Penn Estates
Refinancing a Sub Prime Mortgage

FHA Saves the Day with Distress Refinances

FHA now allows distressed homeowners to refinance with current late payments on their credit report.  If someone has a full documentation ARM that adjusted recently and is now having Fhaupdate1trouble keeping up, an FHA refinance might be able to help.  The catch?  Late payments on  your mortgage must have only occurred since your loan adjusted.  Also, there are limits on the amount of the loan you can get depending on the county the property is located in:  Monroe County, PA is $200,160; Pike County, PA is $362,790; Carbon County, PA and Northampton County, PA are $305,666.  Current legislation in Washington proposes raising these loan limits dramatically, so these numbers could possibly change soon.

If you need more info on the FHA refi program, send me an email and I will get you in touch with an FHA-specializing lender.

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