Connecticut homeowners recently received some help from the FHA Secure program. Benchmark Mortgage Can Help You With Your Conneticut Mortgage If You Are Having Problems Making Payments After Your Adjust Rate Mortgage Has Reset.
FHASecure allows homeowners with a history of on-time mortgage payments under their original interest rates, but who missed payments after their rates reset, to refinance into FHA's mortgage insurance program. Other families with high-cost mortgages and mortgages that are due to reset, but who are still current on their loans, may also be able to refinance through FHASecure.
HUD's Federal Housing Administration (FHA) is on target to insure more than a quarter of a million FHASecure home loans in Fiscal Year 2008, further evidence of FHA's commitment to homeownership and helping people safeguard their investment in the American Dream.
Since the creation of FHASecure, FHA insured refinancing has increased 125 percent over the past year, and is expected to increase even more in 2008 as more homeowners examine their mortgage options.
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.
It is important to remember that late payments must have been a result of your interest rate and payment increasing.
It is also a requirement that you must have been current with your payments for the 6 months prior to your adjustable rate mortgage increase.
If you are a Connecticut Home Owner with an Ajustable Rate Mortgage that has reset and since the reset you are having problems meeting the new mortgage payment contact the Connecticut Benchmark Mortgage Team about getting a lower new fixed rate mortgage to help you lower your monthly Connecticut Mortgage payment.
Benchmark Mortgage - www.BenchmarkCT.com
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