In September 2010 the Federal Housing Administration, or FHA, began offering the Short Refinancing loan to homeowners who have an upside-down first mortgage not initially insured by the FHA. Through.

Government Programs For Upside Down Mortgages. What Is An Upside Down Mortgage Does Earnest Money. and We are going thru a brand new construction and it was me n my better half on the loan He said we qualify for this program where we don’t have to put down payment So We put the earnest money back in Feb and now it’s May and my Lender.

The Home Affordable Foreclosure Alternatives (HAFA) Program The Home Affordable Foreclosure Alternatives (HAFA) program is for borrowers who, although eligible for the government home affordable modification program (HAMP), are not able to secure a permanent loan modification or cannot avoid foreclosure.

“A reverse mortgage. is upside down? I don’t think we would have even 50 percent of the reverses we have now if that component was not in place.” Since the HECM product also has the benefit of over.

A number of programs exist to help homeowners struggling to pay down upside-down mortgages. These loan modifications extend the amount of time you have to pay off the loan, lower the payments by reducing interest or, in fewer cases, lower your payments by reducing the principal balance on your loan.

Government Programs A mortgage loan obtained through a federal government program can in many cases mean less stringent standards for qualifying and money saved in the long-run. This program gives you options for getting out of your upside down housing situation or mortgage you can no longer afford by allowing homeowners to do a short sale or a.

Government Program For Upside Down Mortgages – Getting government help for an upside-down mortgage starts with negotiating with your lender and then. Eligible borrowers can get up to $25,000 through this reverse mortgage program, which.

Employment Gap Letter Mortgage Letters of Explanation or. most under-utilized and unread LOE is the cover letter written by a mortgage broker accompanying the loan file. A good cover letter briefly details essentials such as the LTV, the borrower(s) FICO scores, while simultaneously answering questions.. employment gaps.

Mortgage Underwater?. If your house is worth less money than you owe right now (a.k.a. underwater or upside down), it may seem like.. “qualify” for one of the government mitigation programs (many without any change in.

Last month, Patch reported that Murphy and top lawmakers were turning their schedules upside-down to revive. in repaying loans. Those loans would be borrowed through the New Jersey College Loans to.

80 10 10 Mortgage An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage insurance, or PMI. The first loan is a traditional mortgage and covers 80% of the cost of the home.