What is a Loan Modification?
Loan Modification is the process through which the lender modifies a homeowner’s current mortgage in order to work with the mortgagor to overcome financial hardship. The purpose of Loan Modification is to help make one’s loan more affordable. Usually by a rate reduction and fixing the rate for a certain period time, most common 30 years. Please note that with any Loss Mitigation process, including Loan Modification, short sale, and short refinance each case is a unique scenario.
If you would rather I give you a call to discuss your situation further, please send me your contact information and the best time to contact you. Click here to contact me.
Loan modifications are done Nationwide and are Licensed Mortgage Brokers in the State of California.
Click here to find out if you qualify for Loan Modification |
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Do you Qualify for a Purchase or Refinance Loan?
Let me provide you with a free quote to see if you qualify for a loan. If you have verifiable income and good credit there are many programs available at very good rates. The conforming Loan Limits have not changed from 2008. Jumbo Conforming limit has changed. If you are wondering if now is a good time to buy consider that in many areas housing prices have declined significantly. In some cases, housing prices have reached the lowest point in over a decade.
Click here to get a free Purchase/Refi loan Quote
| The CY2009 basic standard mortgage limits for FHA insured loans are: |
| |
One-family |
Two-family |
Three-family |
Four-family |
|
FHA Forward |
$271,050.00 |
$347,000.00 |
$419,425.00 |
$521,250.00 |
| HECM |
$417,000.00 |
|
|
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| HOPE for Homeowners |
$550,440.00 |
|
|
|
| Fannie/Freddie |
$417,000.00 |
$533,850.00 |
$645,300.00 |
$801,950.00 |
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| High cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits |
| The ceilings for CY2009 are: |
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|
| |
One-family |
Two-family |
Three-family |
Four-family |
| FHA Forward |
$625,500.00 |
$800,775.00 |
$967,950.00 |
$1,202,925.00 |
| HECM |
$417,000.00 |
|
|
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| Fannie/Freddie |
$625,500.00 |
$800,775.00 |
$967,950.00 |
$1,202,925.00 |
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