Apply Today For No Documentation Mortgage Refinance Loan

According to the new plan guidelines, President Obama announced that the Federal Housing Administration has cut upfront fees for No Doc Mortgage Refinance Loan. This is applicable to borrowers with FHA loans issued before June 1, 2009. Borrowers can benefit from the savings in order to reduce mortgage payments. You can reduce your mortgage payment by as much as a thousand dollars a year. The Obama government counts that reducing mortgage payments will free up borrower’s money that can be spent on other consumer goods.

In order to know if you are eligible for the No documentation mortgage refinance loan see if you meet the requirements. The home you live in is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA. Your mortgage is more than your home is currently worth in the downturned economy. There is no difficulty paying mortgage payments. It is your primary residence. You pass eligibility under standard FHA loan requirements. Your debt payments are not more than 55 percent of your gross income. You do not have any conviction under the law.

Since the participation of mortgage servicers is voluntary in the Obama fha refinance program you can first ask your mortgage servicer if they can help you with the no doc refinance. One of the trusted ways is to speak to counselors to understand your options, plan and prepare your application. Homeowners working with housing experts are more successful and have better permanent home loans.

Income verification is also not required as well as your credit score is not verified with the new no income verification mortgage. The lowering of the refinancing fees is meant to directly affect the housing and the economy. It will cut back on the percentage of foreclosures. Consumers can now have free more income to spend on other things. The new guidelines do not require employment verification.