I am now employed with a private mortgage company,which is one of the largest providers of FHA Government Insured Loans in the states of California, Colorado, Florida, Georgia, Indiana, New Mexico, Maryland, Minnesota, Mississippi, Missouri, South Carolina, South Dakota, and Tennessee.
We offer FHA Government Sponsored Loans, 30 year fixed rates currently at 6.5-6.7 percent or lower with no prepayment penalties and the loans are not tied to your credit score. So persons can have credit scores in the low 500s or 600's and of course 700s. If approved, persons can use the loans to refinance, reduce their high interest rates, reduce their monthly payments, or for new purchases with as little as 2.5% down.
The up-front FHA requirements are:
No more than 1 mortgage late in the last year. Must be in the house for a year, must be a primary residence. Must have documented income (W2 or 1099). No bankruptcy in the last two years (filed). Must be a primary home.
Because many of the sub-prime lenders have now gone out of business, FHA lenders are especially trying to help persons with sub-prime high interest rate mortgages and persons that have the ARM (adjustable rate mortgages) that will soon find themselves in the next year paying double monthly payments. This is why many persons are loosing their homes in foreclosures. We also do conventional loans.
If anyone may be in need of a loan to refinance to lower their monthly payments or interest rate, refinance to get out of an ARM (adjustable rate mortgage) loan, refinance no cash-out, refinance including cash-out, please PM me and I will give you further information. If anyone lives in a state not mentioned above, just PM me anyway and I will give you tips on what you can do.
Whatever you chose to do, do not accept an interest only loan. You will never build up any equity in your home and your monthly payments will be wasted.
Ronin1