Austin, TX– (HISPANIC PR WIRE)–September 18, 2007–As the Mortgage Market Meltdown of 2007 takes place, many are finding that they are not sure how to keep the houses that they purchased in 2005 and 2006. The meltdown, has led to a massive tightening in credit and lending standards making it harder to refinance existing loans. Over 150 lenders have closed their doors, and those that remain are seeing serious impact on their servicing portfolios based on defaults and deficiencies on those portfolios’ mortgages. There are some solutions being presented that UNIKA Mortgage is embracing and can assist with.
On September 5, 2007, Federal Housing Commissioner Brian Montgomery presented the outline of President Bush’s initiative called FHA Secure to a group of Lenders in San Antonio Texas. FHA Secure is an initiative that will relax the insuring guidelines of the FHA loan to allow for loans that are currently on adjustable rate mortgages, either facing serious increase or already having gone through an increase, to refinance to a stable fixed rate mortgage. The President presented the initiative to the press the week before.
FHA Secure allows a lender to refinance borrowers even if their house payments are currently behind. The borrower must qualify under standard FHA guidelines, which require a 97.75% equity position (The new loan amount cannot exceed 97.75% of the value of the home as determined by a new FHA appraisal).
UNIKA Mortgage specializes in FHA loans, particularly the loan known as “manual underwrite”, which means loan with difficult circumstances involved. Having over 10 years of experience in originating and gaining approvals on these types of loans, they also have the ability to educate borrowers on ways to improve their circumstances while receiving an FHA loan.
The FHA loan has no income limitations and no longer requires extensive cosmetic repairs on the property. The FHA guidelines to credit are also much more relaxed than standard Conventional loans.
About UNIKA Mortgage
UNIKA Mortgage offers financing products for residential home loans and commercial properties in the state of Texas and 11 other states. UNIKA offers some of the most competitive rates and terms in the industry with a special focus on loans for non-traditional borrowers. Over half of UNIKA’s loan officers speak fluent Spanish. UNIKA prides itself in its customer service and, particularly, in the special care it offers first-time home buyers who often need more guidance and education on the home buying process and mortgage products.