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Written by Ara Content
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FHA Loans Open the Door to Homeowners Having Difficulty Refinancing or Buying a Home
(ARA) - Millions of homeowners are, or soon will be, facing significantly higher mortgage payments as more than $140 billion in adjustable rate mortgages reset throughout the remainder of 2007. Another $380 billion are scheduled to reset higher in 2008.
In times past, many of these consumers simply would have refinanced their mortgage. But many are now finding that current lending restrictions and declining home values have made refinancing difficult. Enter one stalwart that is making a welcome comeback: The Federal Housing Administration (FHA) loan.
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