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FHA is currently doing a significant business in refinancing non-FHA mortgages. The program is designed to help homeowners, who previously demonstrated the ability to make timely monthly mortgage payments prior to their reset of an Adjustable Rate Mortgage (ARM) an opportunity to refinance into a prime-rate FHA-insured mortgage. In many cases homeowners may be permitted to include mortgage payment arrearages into the new loan amount, subject to existing geographical mortgage limits and the loan-to-value limits.
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