I received a letter that I may qualify for lower mortgage payments for my FHA Loan.?

Posted on Oct 15, 2012 in FHA Information

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Question by Go with the flow: FHA has no mimimum mortgage requirement, website but banks will only make a loan for so little?
True or False.

Let’s say you find a house for $ 8, information pills 000
From what I have read, there FHA does not have a minimum requirement.
But, from what I have read most banks do not make mortgages for loans under 40K or 50K. My guess is all the paperwork and costs would be too great for an amount so small.

Anyone an expert on this?
I am sure there are banks out there that will do mortgages for only 30K, but I can’t imagine it being worth their time to do a mortgage for less

Best answer:

Answer by djstwain
As with any business they get to decide what loans will make them money. When you take into consideration the cost of doing business, it may not makes sense for them to write a loan for under $ 20,000. I would try a credit union or local regional bank.

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Question by tiredbutwiredlove: Obama’s loan modification program and 2nd mortgages?
We have 2 mortgages. Our first mortgage company will do the new modification, cure but does our 2nd mortgage company have to? I’m confused how Obama’s new plan covers those of us with second mortgaes who have lost our income. I know we would be able to refinance and put them together under the new plan, more about but I still don’t think it would save us much, and not as much as getting both of them modified. Any help in understanding this would be great!

Best answer:

Answer by Gaytheist Buddha
No help for second mortgages.

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Question by Spokesmodel: I received a letter that I may qualify for lower mortgage payments for my FHA Loan.?
I received a letter from Newport Shores Mortgage that I may qualify for a payment reduction on my FHA loan. Is this a scam? I contacted my mortgage company (Wells Fargo) a few months ago and they told me that FHA loans don’t qualify for any of the Obama programs, nurse but that it could change in the future. I looked up Newport Shores Mortgage on the HUD official website and they are listed as a qualified lender. I don’t want to get scammed and potentially lose my home, but I do need some help lowering my monthly payment. Does anyone know anything about this?

Best answer:

Answer by patrick
well… you are being partially scammed.
What they did was search through the recorded deed documents, or through credit reporting agencies, and determined the value of your current loan, and the interest rate you are paying. Then they determined that you may qualify for a new FHA loan at a lower rate.
They are really looking to get you to refinance your loan, through them.
that means you will have to apply, pay all the closing costs, and application fees.
Most likely you are better off throwing the form letter in the trash.

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One Comment

  1. They are probably talking about refinancing you again through FHA at a lower rate…which would probably give you a lower payment.

    If you aren’t saving more than $ 180 by refinancing, then it’s not worth it.