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Understanding FHASecure
A lot of people have been asking me if they are, in fact, eligible for a FHA Secure loan.  The loan is designed to help people who have fallen behind on their mortgage payments as a result of a recent adjustment in the rate of their adjustable rate mortgage.  Here are a few commonly asked questions about the program and what type of home owners qualify.  If you are not currently late on your mortgage you are not eligible for FHA Secure; but you may be eligible for another type of FHA loan.  HUD thinks that this program will help up to 250,000 home owners; are you one of them?
How many mortgage payments can I miss before I am ineligible for FHA Secure?
There is no limit to the days or number of payments you are late as long as the late payments and delinquency is a result of a reset in the rate and payment of your current adjustable rate mortgage.  So you can have one late payment, or four.  You can be 30 days late on your payment or 90.  As long as the delinquency is a result of an ARM reset.  If you are already in the ... more

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