Subprime Refinances
August 1, 2008 by Eleanor
Filed under FHA Mortgage Loans
With the anniversary of the “Subprime” Mortgage Meltdown Mess, I figured I’d take a look at what we’ve got left.
Many people during 2004 through 2007 purchased homes with little to no money down, using a stated income product. These loans were often referred to as subprime, or non-conventional loans, and many of them either adjusted to interest rates above 9% – or they are about to.
People who purchased a home with this type of loan product normally did so with hope in their heart, and expectations of gain $$$ when they sold!
Now – a year after the house of cards began to fall, we know that the “hope” that some folks felt as they purchased these homes was built on false assumptions. The assumption was that the property would continue to appreciate, and the job market would continue to improve, and everyone would be able to flip the house for a nicer one in a couple of years.
If you were one of those people – you might find yourself now facing higher payments, eating peanut butter and jelly sandwiches 4 nights a week and working a second job…
FHA has some new guidelines that help those that are in your situation. If you find yourself here – please call us and see if we can refinance you into an FHA mortgage. The maximum loan amount in Wake County is $295,000.
We’ve helped MANY people get MUCH lower payments, keep their home, and get on a more realistic path!
Steve and Eleanor Thorne, First Financial Services, Raleigh, NC 919-649-5058
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