Newly elected President Barack Obama is very conscious of the latest financial and job situation in the country leaves and that it leaves many homeowners nervous about the future. Home prices have fallen to record lows and foreclosures are also climbing to all time highs, bringing neighborhood home values by as much as 15%. Property and home values have fallen so steep that numerous homeowners now owe far more on their mortgages than their home is actually worth or will be worth in the next two … [Read more...]
FHA Streamline Mortgage Refinance: No Debt To Income Ratio Needed
Normally, when you get a mortgage loan, the lender will calculate your total debt-to-income ratio - or in plain english, the amount of money you make each month divided by your total monthly bills. If your debt to income ratio is too high, you will not be able to qualify for a mortgage. One thing that many people are starting to do who have too much credit card debt is something called debt settlement, but when you do debt settlement, your credit score suffers - so that is not a solution to … [Read more...]