Mortgage Tips, Tricks & Secrets

I’m sure by now you’ve heard President Bush make the announcement that the FHA will be stepping in with an attempt to save home owners doomed to [tag-tec]foreclosure[/tag-tec].

The main focus of the FHASecure program is to assit borrowers with adjustable rate mortgages (ARM’s) to refinance and gain an FHA secured and backed mortgage loan.

A recent session with HUD Secretary Alphonso Jackson cleared up a few points as to who will be qualified to refinance using the FHASecure program.

The FHA.gov website provides the following details…

FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with an FHA insured loan product.

A “credit-worthy” homeowner would be someone who has a credit score above 680 and who has NOT had a mortgage late payment BEFORE their current [tag-ice]adjustable rate mortgage[/tag-ice] began adjusting.

WHO IS ELIGIBLE

Eligible homeowners must meet the following requirements:

1. Have a non-FHA insured ARM that has reset;
2. Sufficient income to make the mortgage payment; and
3. A history of on-time mortgage payments before the loan reset.

By refinancing into an FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.

You can search online for an [tag-self]FHASecure[/tag-self] approved lender by visiting; http://locator.fha.gov/