Mortgage, Loans, Insurance, Real Estate, Investment, Tax and Financial Services
FHA Loan from Quicken Loans Launches Nationally, Providing Relief to Many Homeowners Struggling with Higher Payments
Livonia, Mich., (PRWEB) October 17, 2007 -- Millions of American homeowners are, or soon will be, facing significantly higher mortgage payments, as more than $140 billion in adjustable rate mortgages (ARMs) are expected to adjust upward through the remainder of 2007, and even more will adjust in 2008.
In times past, homeowners simply would have refinanced their mortgage. However, tighter industry lending guidelines, combined with declining home values, have made it more difficult for many to do so. But one stalwart, the Federal Housing Administration (FHA) loan (http://www.quickenloans.com/fha), is making a welcome comeback and offering an ideal solution to many consumers.
FHA loans, backed by the federal government, were created in 1934. They have historically been used by first-time home buyers, as the program requires a down payment of as little as three percent, which can be gifted from a relative, and features relaxed credit guidelines.
Today, for the same reasons, many homeowners are turning to FHA loans to refinance out of resetting adjustable rate loans.
"Many homeowners are finding the FHA program to be their best solution," said Bob Walters, Chief Economist for Quicken Loans. "The FHA loan (http://www.quickenloans.com/fha) is ideal for folks who need to refinance out of an ARM because it requires much less equity with interest rates that are extremely competitive with conventional loans. Along with refinancing, the FHA program also is an attractive option for people wishing to purchase a home, especially those who may have the income to support their monthly payment, but don't have the cash for a 20 percent down payment, or a lengthy credit history.
"For millions of people, the FHA program is a welcome lifeline in today's turbulent housing market. FHA loans have historically helped people achieve the American dream of home ownership and that continues today while, at the same time, providing a much needed boost to the nation's housing industry," Walters added.
As one of America's largest mortgage companies and an FHA-approved lender, Quicken Loans offers industry-leading technology that enables clients to review and sign documents securely on the Web, making the home loan process fast, safe and easy.
For more information about FHA programs, or to talk to a mortgage expert who can help you determine if an FHA program is the right solution for you, visit Quicken Loans.com/fha (http://www.quickenloans.com/fha).
###
MORE ARTICLES:
Update Your Computer System With Bad Credit Computer Financing
The moment I placed myself in front of the computer screen a whole new world beckoned me to join it. And years of strolling have proved incompetent to get me acquainted with the full panorama of computers.
Bank Loans with Bad Credit - An Alternative When Banks Says No
Most people believe that individuals with bad credit will never achieve a bank loan. But the fact is that people even with the worst credit report succeed in obtaining bank loans. You will find several financial organizations regularly endorsing bad credit bank loans. But consider that they will usually bill you a higher interest rate.
Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage
Financial difficulties are married to bad credit. It is a tough marriage but can be peaceful with a little bit of counseling.
5 Hot Facts About Bad Credit No One Else Will Tell You About.
With a bad credit and less than perfect credit history, getting a credit card is not that easy. In this article we take a look 5 very important facts about bad credit and how to fix your bad credit the right, cheap and easy way..
Bad Credit Loans Authenticate What Is Positive About Bad Credit
This might not be the front page news but it is now out in the open! 'Bad credit is getting loans – all kinds of loans'. Lending institutions, banks and other financial constitutions are coming forward to provide loans for bad credit.
Loans for bad credit- Easy cash despite poor records
Introduction:
Understanding A Second Mortgage
If you're in need of additional funds and you own a home, you may have the opportunity to borrow against your home through a second mortgage.
Bad Credit Mortgages: Some Relevant Information
With present mortgage and loan trends, bad credit mortgages are very much possible Previously, submitting an application for a loan implicated a detailed examination of your credit record and income proofs
How to Pay What You Owe For Bad Credit Loans
Debtors, who owe money to their creditors or say who are in a state of indebtedness toward them since long, may make the most of bad credit loans Many credit-lending institutions have come up with such schemes to help you to pay what you owe with bad credit loans
Payday Loans Available Even ToThose With Bad Credit
Bad credit payday loans may seem like an oxymoron phrase, but the truth is bad credit payday loans are fairly common. You don't need to have good credit or even any credit to quality for bad credit payday loans.
Bad Credit Loan Basics
Bad credit loan
Bad Credit Mortgage Company - Choosing One Is A Significant Decision
If your credit is lousy, giving your business to a bad credit mortgage company (http://www.bad-credit-mortgage-company.org/) might be a very good move for you to make. This enterprise will set you on the path to recovering your good credit. The loans they can provide are designed specifically for individuals with a lousy credit history.
Bad Credit Mortgage: Own a Home despite Bad Credit
Does your bad credit history haunt you? Is it the reason you have not purchased a home yet? Don't despair! Help is at hand in the form a bad credit mortgage. Bad credit mortgages are the only option for individuals who are restrained due to their credit history. It is a blessing in disguise for people who want to own a home without worrying about their poor credit past. You may have faced CCJs, Defaults, Mortgage arrears, Missed payments or even Bankruptcy against you but a bad credit mortgage can help you sail through trying financial times and help you step into the house of your dreams in the shortest time.
Bad credit loans within reach
People with a bad credit history often think that getting bad credit loans is next to impossible. This is actually not the case. Getting financing to buy a home, a car or to other purposes is easier than you may imagine, because there are several ways of having a loan application approved for those with bad credit. It is true that lenders can be reluctant to giving loans to people with poor credit records, yet options for bad credit loans are always available, as well as solutions for bad credit repair. If banks usually refuse bad credit personal loans under standard terms, there are companies offering substandard bad credit loans, and their financing conditions are considered acceptable by most people with a poor credit history.
Bad Credit Commercial Loans - Business without Credit Worries
When you get saddled with debts, you might like the idea of putting some money into your commercial venture. This way you can get it repaired and with the earnings you can mend your bad credit in a better way. But, the fact is that everyone does not have plenty of money and that's why, some people look for loan solutions to get their bad credit repaired through commercial ventures. Obviously this is a unique process of managing stands on bad credit. So, there are unique solutions also. They are the bad credit commercial loans which help you to add some money in your commercial venture to get your bad credit repaired soon. Sounds good? Let's know it then.
