The majority of First Time Homebuyers and folks in the Middle Class have an FHA loan, However, recent changes in the FHA Program have PREVENTED these borrowers from taking advantage of a refinance, for the following reasons:
1) Borrowers Current Credit Scores
2) Not enough equity in their homes
3) the current annual Mortgage Insurance Premium is too high - has increased 127%
Here is a Solution which will allow FHA borrowers to refinance:
1) To Qualifying borrowers cannot have any 30 day lates in the last 12 months -
2) Allow borrowers to finance their homes based off of the ORIGINAL loan amount.
3) Let Borrowers Keep their Current Annual mortgage insurance Premiums
A HOMEOWNER WHO HAS PAID THEIR MORTGAGE AS AGREED SHOULD NOT HAVE TO REQUALIFY TO TAKE ADVANTAGE OF SAVING THOUSANDS !