Mortgage Refinancing Anaheim CA

With Home Prices Dropping Significantly Many Homeowners Are Losing Their Opportunity To Do Mortgage Refinancing Anaheim CA


Because of all of the foreclosures and short sales that are taking place many homeowners are losing their opportunity to do mortgage refinancing Anaheim CA. For many of these homeowners it can be frustrating that they can’t do mortgage refinancing Anaheim CA because they are missing out on lower monthly mortgage payments. Also some of these homeowner that can’t do mortgage refinancing Anaheim CA are stuck in an adjustable rate mortgage and their payments are starting to increase.

The good news is that there are still many homeowners that are able to do mortgage refinancing Anaheim CA. With the help of the federal government many homeowners do not have to have the same equity requirements that they thought they might need to do mortgage refinancing Anaheim CA.

Right now to do conventional mortgage refinancing Anaheim CA homeowners would have to have at least 20% equity in their homes. If they decided to do FHA government insured mortgage refinancing Anaheim CA they only need to have up to 2.25% equity in their homes. For many homeowners this means that they only have to have a couple thousand dollars equity in their homes to do this mortgage refinancing Anaheim CA. This has become a very important mortgage refinancing Anaheim CA option because real estate values are dropping significantly. In some areas because of the amount of short sales and foreclosures the real estate values have gone down 50%.

The FHA government insured mortgage refinancing Anaheim CA product also has looser guidelines to qualify. They only require a 620 credit score and your debt to income ratios can be 38/43. This is much more forgiving than any conventional mortgage refinancing Anaheim CA guidelines would be. Also if you have had a foreclosure or bankruptcy in the past they are more lenient on that also. They allow you to do mortgage refinancing Anaheim CA after 3 years of a foreclosure. Also they allow you to do mortgage refinancing Anaheim CA 2 years after a chapter 7 bankruptcy and 1 year after a chapter 13 bankruptcy.

Overall there are many American homeowners that will not qualify for mortgage refinancing Anaheim CA but there are also many homeowners that will still be able to fit into some programs.

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