Replies (6)
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Unfiortunately, FHA loans are not currently designed like the GMAC car loans that pay for you if unemployed. Could be part of a Socialist movement, but is not currently on the RADAR in our industyr. Michigan is very tough and sorry to read of your strife. I would suggest dialogue and perhaps they (the Lender at their discretion) may elect some type of hardhip payment moratorium (CITI did it last year for 90 days on some accounts). Who knows, but dealing with them directly is the best advice anyone can give you. Good luck.
- BPofMI
- Contributions:2
Any advice is better than none, thank you for responding Martin it is appreciated :)
- Liberty Mortgage
- Contributions:470
The only option I would suggest is to call FHA directly- They may be able to help under certain conditions. The number to cal is 800-CALL-FHA. Listen to the prompts and choose the correct option.
- Mark Madsen, "Mark Madsen"
- Contributions:8
Video: What Is The Benefit of FHA
This is a video produced by the FHA that explains some of the benefits. If you skip ahead to (03:43), they explain how there are several loss mitigation opportunities for home owners through the FHA to save a home.
Good luck.
This is a video produced by the FHA that explains some of the benefits. If you skip ahead to (03:43), they explain how there are several loss mitigation opportunities for home owners through the FHA to save a home.
Good luck.
- C L Kennedy, "Entasia"
- Contributions:95
There are no best mortgages to have when you are unemployed. Even for a loan modification, lenders will want to see you have the income to pay the new lower payment.
FYI, if you were in the situation where you had a much higher rate and so a refinance would benefit you, FHA does have the Streamline Refinance where most of the normal qualification criteria are tossed aside. Used to be that lenders did not even ask about employment when getting borrowers qualified. Things are different now and many lenders ARE requiring employment info. NOT income info - just employment. Income is not verified.
What a Streamline might accomplish for you is the ability to avoid making one or two mortgage payments. Depends upon the timing of the closing, etc.
If this sounds feasible at all for you, contact a local mortgage broker about your options. I specifically refer to "broker" because a broker will be able to access several lenders to find one who does not ask for nor verify employment.
No appraisal required. But note that FHA Streamlines can be a little tricky and the Loan Officer needs to know how to make the refinance numbers work out for you.
Give it a shot. You have nothing to lose.
Good luck.
Regards....
FYI, if you were in the situation where you had a much higher rate and so a refinance would benefit you, FHA does have the Streamline Refinance where most of the normal qualification criteria are tossed aside. Used to be that lenders did not even ask about employment when getting borrowers qualified. Things are different now and many lenders ARE requiring employment info. NOT income info - just employment. Income is not verified.
What a Streamline might accomplish for you is the ability to avoid making one or two mortgage payments. Depends upon the timing of the closing, etc.
If this sounds feasible at all for you, contact a local mortgage broker about your options. I specifically refer to "broker" because a broker will be able to access several lenders to find one who does not ask for nor verify employment.
No appraisal required. But note that FHA Streamlines can be a little tricky and the Loan Officer needs to know how to make the refinance numbers work out for you.
Give it a shot. You have nothing to lose.
Good luck.
Regards....
- Bob McClure, "bob4approval"
- Contributions:43
good evening......you would still have to make the payments, but having an fha loan and not being employed still entitles you to refinance..currently, i do not have to verify income or employment when refinancing an existing fha loan, as long as the pamyents have been on time....i hope that helps....bob mcclure- success mortgage partners- plymouth, michigan.....
What are the benefits of an FHA loan if you become unemployed?
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