Whitehead Inc Realtors

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Open Houses this weekend: 68 New Listings this week: 160 Foreclosures & Short Sales: 257 Active Listings available: 7280 New Construction homes: 0 Commercial Properties: 835
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Welcome to Whitehead Inc., REALTORS®

Visit our cities and follow the residential and commercial real estate market activity in ... Rockford, Belvidere, Byron, Oregon, Roscoe, Rockton, Loves Park, Machesney Park, South Beloit, Winnebago and Pecatonica in Illinois and Beloit , Janesville, and Monroe in Wisconsin.

FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERSEffort designed to encourage principal write-downs for responsible borrowers

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth because their local markets saw large declines in home values. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain 'underwater' non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage. This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product. To be eligible for a new FHA-insured loan, the homeowner must:

owe more on their mortgage than their home is worth

qualify for the new loan under standard FHA underwriting requirements

have a credit score equal to or greater than 500

the property must be the howmeowner's primary residence

existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115%

existing loan to be refinanced must not be an FHA-insured loan

refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent

Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.

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