These loans can help you finance a renovation with a single mortgage.
The FHA Short Refinance program was designed to help underwater mortgage borrowers refinance to current mortgage rates. In theory, if you are paying 6 percent or more on your mortgage, you could refinance. In practice? Probably not.
The FHA will allow some homeowners who are underwater on mortgages to refinance if they are current on monthly payments.
Underwater on your mortgage? You may qualify for the Federal Housing Administration's (FHA) Home Affordable Modification Program, or HAMP--if lenders are willing to adopt the new modification scheme.
The numer of FHA mortgage loans tripled in 2008 from the previous year. Here are some of the pros and cons of these mortgages.
Previously on FHA Loans
See all 2012 articles See all 2011 articles See all 2010 articles See all 2009 articles