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Gilbert Homes Mortgage Borrowers to Get Reduced Payments

stay in your gilbert home

The start of July marked the beginning of relief for thousands of people who have been struggling to pay their  mortgage. Borrows of Gilbert Homes mortgages could get help getting back on track with their loan payments and save money in the process. Troy Reeves with the Troy Reeves Team has seen many homeowners able to recover from late mortgage payments already – making it easier to stay current with their loan or sell their Gilbert Homes properties and buy new. Learn about the new efforts to help homeowners who are struggling because they are behind on their mortgage payments of Gilbert Homes.


How Gilbert Homes Borrowers Are Getting Help

A new program known as Streamlined Modification Initiative is helping borrowers who have mortgaged backed by Fannie Mae and Freddie Mac. This program is intended to help borrowers of Gilbert Homes and other nationwide wide homes mortgages who are at least 90 days behind on their loan payments. The loan must be at least 1 year old and the borrower cannot be more than 2 years behind on payments.


These borrowers will behind to receive offers from lenders that will help to lower their mortgage payments. The Federal Housing Finance Agency, or FHFA, is the agency that oversees Fannie Mae and Freddie Mac – they have yet to release how many homeowners will receive mortgage payment modification offers, but the number is expected to be in the hundreds of thousands. Currently, around 1.1 million people are behind on their mortgage loans nationwide.


Why This is Better for Gilbert Homes Borrowers Than Programs of the Past

This process is set up to be easier for homeowners than previous programs set to help borrowers keep their homes. Unlike other similar efforts, this program will bypass filing any financial paperwork by the homeowners. Gilbert Homes borrowers and others from around the nation will get a three month trial period for the new payment until it becomes permanent.


Lenders will begin to lower monthly payments by extending the Gilbert Homes mortgage loan terms or reduce the interest rates. This program could equate to big savings for people who have high rate loans or those who haven’t qualified for refinancing to lower rates.


“by Troy Reeves” at Google

Are there any low limits on FHA loans?

The question comes up often, what is the maximum amount I can receive in an FHA loan. This year those limits in Maricopa County were raised to $346,250. If you have been paying attention to the Phoenix market at all over the last few months you know the better question is what is the low limit of an FHA loan?

There are hundreds of properties in the $20,000-$50,000 range and they are going quickly. Investors are showing up in droves to snatch these properties and many of them are ending up in bidding wars.

So can you get a FHA loan for a house in that price range? The short answer is it depends. The low limits of FHA loans are set by the lending institutions. While one lender may be willing to loan $20,000 for an FHA loan, another may set their limit at $30,000. Ask your lender, their limits probably vary.

One concern for these loans is the home itself. To receive a FHA loan the property has to pass an inspection and be liveable, which in that price range can be tough. But dont fret, there is almost always a solution.  If the home does not currently meet FHA guidelines you can always get a FHA 202k Streamline loan to help bring it up to standards.

More details on new Making Homes Affordable housing program

Here are some highlight for what other people are writing about the new program.

U.S. Department of Treasury press release

The Mortgage Reports by Dan Green

Not 10 minutes after The U.S. Treasury’s official Home Affordable announcement March 4, 2009, the nation’s news sources were already printing misleading headlines and incomplete stories.

The ranged from sensational to mundane. Mostly, though, they were incomplete. Rest assured, my friends, you’re not getting a 2 percent rate on your mortgage.

Here’s the bullet points from today’s announcement:

* Loan modification guidelines for “at-risk” homeowners are defined
* Refinancing guidelines for “underwater”, on-time homeowners are not defined

From Justin McHood at Arizona Mortgage Team

I really don’t have an opinion on whether or not the plan will actually help the number of homeowners as claimed by the media (9 million) – because after all, what most people really want to know is “will the plan help me in my situation” as in… “what’s in it for me“?

And each situation is individual, so be sure to speak with as many people as you can about your options. Real Estate Agents, Loan Officers, Hope Now, Loan Modification Companies, Loan Modification Attorneys – speak with all of these people if you are having trouble making your mortgage payment.

And it is entirely probable that they will all tell you different information — and hopefully with the sum of the pieces, you will be able to paint the picture of what is best for you in your situation.

From Rhonda Porter of Mortgage Porter

The Home Affordable Modification program does not involve a refinance (which is a new mortgage replacing the existing mortgage). With a loan modification, the terms of the existing mortgage are modified. You can read the borrower qualifications by clicking here. This applies to borrowers who are dealing with “financial hardship” and this is a “full document” transaction including providing income documentation and verification that the home is owner occupied. Families with high debt levels may be required to complete financal counceling through a HUD approved counselor.

FHA limits restored under the stimulus bill

With all the attention of the first time home buyer credit which was increased from $7,500 to $8,000 under the new stimulus bill signed by President Barack Obama last week, another important element of the bill that effects real estate was greatly ignored. The stimulus bill overhauled the Federal Housing Authorization’s mortgage insurance program limits.

In the spring of 2008 the FHA loan limits were increased from $263K to $346K for a single family home in Maricopa County. The new limits expired in late 2008 though and the FHA loan limits were reduced back to $263K. Under the stimulus bill the loan limits wereincreased back to $346,250 for a single family home in Maricopa County.