Refinancing provisions for a borrower under this bill severly limit the number of people that can qualify. First, loan to be refinanced must be originated between December of 2005 and June 1 of 2007. Next, the existing mortgage holder must accept a write down to 90% of the homes current appraised value. In addition the borrower's current housing dti MUST be greater than 40%. (why is anyone with this debt to income on housing payment even in a home loan?) Borrowers will have to share profits with the FHA for selling their home after the refinance.
Many variables will limit FHA exposure under these guidelines as well as make it nearly impossible for a borrower to refinance.
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