FHASecure: Working Hard for Your Homeownership
WHAT IS FHASecure
FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
WHO IS ELIGIBLE
To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
- Have a non-FHA insured ARM that has reset;
- Sufficient income to make the mortgage payment; and
- A history of on-time mortgage payments before the loan reset.
Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
APPLY TODAY!
Leo Namiot
Benchmark Mortgage - Connecticut
Connecticut FHA Mortgage Specialist: Leo Namiot
www.LeoLends.com
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Hello Leo,
I have done some reading on the FHA secure program and still do not fully understand how it works. In our market place(DC Metro & Surrounding Areas) the home prices esclated so much over the last 6 years or so that when the bubble popped and home values started falling there are a lot of people that owe more on their home than the current value of the home. The program as I read will allow subordinate financing but I have yet to find a financial institution that will hold a second that exceeds the homes value. Do you have any ideas that could shed some light on this.
Thanks,
Ron