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Recently I inquired about refinancing my home since I am under an adjustable loan. This means that the interest rate will fluctuate after a certain amount of years agreed on at the time of signing. I know that I will probably pay a penalty but I need to make sure I don’t end up paying double the amount I am paying now.

Anyway, as soon as I spoke with a lender he gave me some insight to what I would need to do. Of course you must make sure that you have less out than you make. There cannot be anymore than 41% out than your income. In this case I do. So now I have to work on getting my credit cards down further than they are or pay off my car. Either way it is going to take time and I don’t have much time left.

So what do people do that are in my situation? FHA is the only program out there that will give a good percentage rate and there is not much more I can do. I didn’t know they completely got rid of the adjustable loans since they were causing such problems however, it allowed someone like myself who didn’t make quite enough money (according to paper work) and my credit wasn’t in high enough standings to get a home. I also couldn’t afford to rent an apartment. Should people like myself that isn’t married and relies solely on themselves completely fall into the cracks of the system and become homeless?

I am investigating things further and hope that the laws that will soon go into effect will help me be able to finance rather than become another victim of the foreclosures. I make enough to support myself and pay the mortgage with no problem. I am able to afford all my bills and still have some left over but according to paper work I don’t make enough. The system is set up for the income of two people and not one. Is this really fair?

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