How do I adjust the mortgage rate on an FHA loan?
Contact your Federal Housing Administration (FHA) mortgage lender for your options. In most cases, a refinance is the only way you can adjust your FHA mortgage. However, in mid-2009, the federal government created the Making Home Affordable loan modification program. This allows a borrower to adjust his rate, interest and term without the expense of refinancing, however, the borrower has to meet certain preset requirements, including on-time payment for a full year. Apply with your mortgage lender for the Making Home Affordable program or the FHA refinance program. You will be required to fill out a Uniform Residential Loan Application, as well as provide your lender with pay stubs, bank statements and income tax returns.
