The time is NOW to refinance out of that adjustable rate mortgage and into a fixed rate mortgage. I know what you have heard about the current market, & as a long time mortgage professional I can honestly say this is the moment you have been waiting for. Let me take a moment to explain. Is it true that we are in a credit crisis? Yes. Are guidelines getting tighter? Yes. Are foreclosures at all time high’s? Yes. These things are all true, but the good news is that it applies to conforming loans. The conforming loan market is very tough right now, & the more applications I see each day leads me to believe that people are struggling and can’t meet these new standards. Looking at the ever changing conforming guidelines it leads me to one conclusion. The Banks don’t want to do conforming loans, & the ones that they are closing are Squeaky Clean. 700+ fico scores, low Loan to value, lots of reserves in the bank. This is great news for you because you don’t want a conforming loan. You want & need an FHA loan & here’s why.

1. FHA is not a credit score driven product. Even if you don’t have a credit score you can still be approved for FHA financing. This is a FACT. FHA looks at each file individually, & understands that there are some circumstances that you can’t control that might have lead to a lower credit rating. No minimum credit score required. This alone would have benefited the sub-prime market.

2. FHA rates are as low as conforming rates & in some cases can be lower.

3. FHA requires lower down payments on purchases. 3% down.

4. FHA down payment funds do not have to be your own. It can be a gift from a relative, friend, or organization.

5. PMI on an FHA loan is less expensive than on a conforming loan.

6. FHA for the rest of the year has increased it’s loan limits so that they can accommodate homeowners who are in higher rate jumbo loans.

7. FHA Secure is designed to help homeowners who are in adjustable mortgages now. Their rates have already gone up, & are now behind in their mortgage payments because they can’t afford the new payment. If the homeowner was current on their mortgage up to 6 months before the adjustment (It does not matter how far behind you are now.) FHA will refinance that borrower in to a fixed rate mortgage.

These are just a few things that FHA loans provide. Believe me there are plenty more benefits but for the sake of time I wanted to give you some of them. FHA loans are the only mortgage product that can help just about everyone. If you need more information contact me at damian.watterman@enmcdirect.com or 866-356-4356 ext: 34. I would love to talk with you & show you all options available to you. Thanks for reading

Damian Watterman

Eagle Nationwide Mortgage Co.

www.eaglelends.com

866-356-4356

Damian.watterman@enmcdirect.com