Are you or someone you know having a hard time with your new Adjustable Rate Mortgage (ARM) payments? You are not alone - millions of Americans are in the same predicament. If your property is in South Carolina or Tenessee, I may be able to help you.

The new FHASecure Program offers a way out for homeowners struggling with higher mortgage payments as the result of an interest rate increase on their existing NON-FHA ARM. Borrowers who were current on their mortgage for the 6 months PRIOR TO the interest rate reset date on their ARM, but who have become deliquent may be eligible for this new FHA refinance loan. We must be able to determine that the increased interest rate and subsequent higher payment caused the deliquency.

You must meet all of these Eligibility Requirements:

• Have a NON-FHA insured ARM that has reset
• 6 months on-time mortgage payments before the new interest rate reset
• Existing mortgage MUST BE DELIQUENT!
• Property value must be supported by a new appraisal
• All homeowners must occupy the home
• At least one homeowner on the FHASecure loan must be on the original ARM loan being refinanced.
• Sufficent Income to make the mortgage payment on the new FHASecure refinance loan

Who is NOT Eligible:

• All fixed-rate mortgages
• Mortgages with buy-down features incorporated into the interest rate or payment options
• Option ARMS
• FHA ARMS

FHA Secure Highlights:

• If there is sufficient equity in the home, the new loan amount can include the existing first lien mortgage balance, deliquent mortgage payments, closing costs, prepaid expenses, discount points, prepayment penalties, late charges, and arrearages (taxes and insurance coming due)
• If you are currently in Foreclosure, the loan decision will be considered on a case-by case basis.
• Copy of note and all addendums are required to determine your current mortgage type and reset date
• New FHASecure loan may be an FHA 30-year fixed, 3/1 ARM, or a 5/1 ARM. Loan-to Value (LTV) ratios are the same as the standard FHA guidelines; however, any subordinated financing (2nd mortgages) may not exceed the standard LTV limit.
• Property eligibility: 1 to 4-family properties, condos, PUD's, and modular homes are eligible. However, spot-condos, manufactured homes, cooperatiive  properties, and working farms, ranches, and orchards are not eligible.
• Standard FHA county loan limits apply.
• Rate and Term refinances only - NO CASH OUT REFINANCES ALLOWED

So there you have it - give me a call or email me today to see if I can help you. I have no application fees or upfront costs.

We hope to be adding states other than SC and TN soon. I will update this blog as other states become available.