Federal Housing Administration rolled out an initiative that will enable homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently reset.

Catch?? Well read on...

The New "FHASecure" mortgage that will be available on Tuesday September 4 is not available to bad credit borrowers.

FHASecure homeowners must meet the following criteria:

1. The mortgage being refinanced must be a non-FHA adjustable rate mortgage ("ARM") that has reset or will reset beween June 2005 and December 2009.

2. 6 months of on-time mortgage payments before the borrower's teaser rates expired and loans reset must be met

3. 3% of equity in the property

4. Employment history should be verified

5. Income to make the mortgage payment verified

To read the entire press release, please visit: http://www.hud.gov/news/release.cfm?content=pr07-123.cfm

 Xavier Ramirez
www.321HomeLoans.com
Mortgage Consultant
FHA Full Eagle Direct Lender
Direct line: 714-846-0503
Fax: 714-845-0009