Currently many homeowners across the nation are behind on their mortgage payments. Many of these late payments are due to adjustable rate mortgage(ARMS) that have reset from the initial low rate and are now impossible for people to pay. Refinancing is one option many people look to but traditional financing will not approve a loan with late payments. There are however alternatives to traditional conforming loans that can help you get back on track and save our home, this article will examine some of those options so you can choose what one works best for you.
If you think that you will not be able to make your payment, it is important to contact a mortgage broker as soon as possible to look at your options. With the increase in FHA loan limits it is very possible that you can get into a low, fixed rate mortgage before getting a late payment on your credit rating.
As long as you start looking into your options early, before you get too many late payments, you should have plenty of options available to try and refinance your home. While the late payments can ultimately affect your credit score that you qualify for, there is still a good chance that by refinancing you will be able to regain control of your finances once again, catch up on your late payments, and get your credit back on track in the right direction. Therefore, contact a mortgage broker to see what options you have to refinancing, even if you have late payments, so that you can get control of your finances once again.
The FHA Secure initiative may allow a homeowner to refinance their mortgage with deliquent payments after their loan has adjusted. There are many restrictions, however, in order to qualify. The mortgage needs to have been paid on time prior to any rate adjustment and you must be able to document sufficient income to qualify for the loan.
Obviously, the most important decision you can make to help yourself is the decision to take action and contact your local mortgage professional to really find out what your options you may have.