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FHA Short Refinance for Underwater Homeowners

FHA Short Refinance may be an option for Underwater Homeowners.  In my previous post on HARP 2.0, certain eligibility requirements were necessary to qualify for a HARP loan.  Particularly speaking, your loan must be owned or guaranteed by Fannie Mae or Freddie Mac.  As promised, I have found another refinance option for Upside-Down Homeowners should you not meet HARP guidelines.

FHA Short Refinance is another program available for homeowners owing more than what their home is worth.  The program is designed to reduce the  principal on negative equity homes.  This program may be a great way to get a reduction in principal and lower monthly mortgage payments.  BUT, and I say that with large emphasis, you must meet certain criteria and your current mortgage lender must participate in the FHA Short Refi program.

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