Updated FHASecure Information from today's conference call.

Below are some bullets that I got out of todays call:

• Does not matter if borrower is delinquent or not
• No set number of months borrower can be in arrears on 1st and 2nd mortgage
• If the borrower has a non purchase 2nd Mortgage it must be seasoned 12 months for the refinance to be considered a R&T
• The borrower must have been 0 x 30 for the 6 months proceeding the reset if the borrower is delinquent on mortgage
• Normal FHA Credit Guidelines apply for non mortgage credit
• If current mortgage has not reset borrower may still refinance 1st and 2nd mortgage as a R&T as long as they have had no mortgage lates
• It seems that there are no CLTV limits on secondary financing. We just have to make sure the new 1st Mortgage is in line with FHA Standards.

The group of FHA professionals on the conference call also stated the bill to increase the FHA Loan limits is moving along. I hope we will see something by October.

1st Metropolitan Mortgage 4608 Highway 49 S Harrisburg, NC 28075 Phone: 704-490-4733 Fax: 704-454-5660 Website: http://www.firstmetromortgagejp.com/