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Bad Credit Mortgages: FHA Refinancing In Georgia

submitted: Apr 11th 2008 | by: BrendaPuckett
Total views: 45 | Word Count: 307 | | |

You cannot turn on the news without seeing a new headline trumpeting the meltdown of the mortgage industry. Obtaining a conventional mortgage is becoming more difficult by the minute. Qualification guidelines are arguably tighter than they have ever been.

This subprime mortgage market meltdown is occurring at the same time that a record number of adjustable rate mortgages with low starting teaser rates are scheduled for rate changes. Because of the low teaser rates, these mortgages are virtually guaranteed to go up regardless of recent Federal Reserve rate cuts. Adjustable rate mortgages which started with rates in the low 5% range are adjusting up to 8% or more. Subprime adjustable rate mortgages are ending up in double digits. Unprepared borrowers will surely end up as part of the default statistics we see every day.

If you can't qualify for the today's more stringent conventional mortgage guidelines as a result of credit problems or too little of an increase in your home's value, there may still be a great option if your loan amount is below $346,250 in more populated Georgia counties and $271,050 in rural Georgia counties. You may still be able to qualify for an FHA loan.

FHA loan guidelines allow refinancing with higher debt ratios. They allow you to qualify for a new mortgage even with past credit problems so long as you can provide a good explanation and you have solved the problem, or if a new mortgage will solve the problem. FHA loans can also take up as much as 97% of the value of your home if necessary.

If you live in Georgia and your current mortgage is an adjustable rate mortgage with an imminent rate increase, don't give up. Contact a Georgia HUD approved FHA lender and find out if the FHA option is available in your situation. You will certainly be glad you did.

About the Author

To find out detailed information on Georgia FHA mortgages and whether you qualify for an FHA refinance, contact Brenda Puckett with Home America Mortgage or visit her website for detailed no obligation complimentary information. This and other unique content 'ga bad credit mortgages' articles are available with free reprint rights.

Article Source: Unique Financial Articles

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