Refinance Florida Adjustable Rate Mortgage coming due, Refinance out of Adjustable rate Mortgage Florida
FHA Secure created to help homeowners Refinance out of adjustable rate mortgages
Under the new FHA SECURE refinance program, FHA will allow families across the US who purchased a home with an artificially low rate to refinance into a fixed rate mortgage. Under the FHA Secure program families with acceptable credit histories leading up to the mortgage adjustment who had been making timely mortgage payments before the interest rate on their adjustable rate mortgages reset but are now in default to qualify for refinancing to an FHA mortgage program.
The basic requirements of the FHA Secure program are:
The mortgage being refinanced must be a Non FHA Adjustable Rate Mortgage and the interest rate has adjusted
The homeowner is now delinquent in making payments on the mortgage after the adjustment.
The homeowner's payment history must show that, prior to the reset of the interest rate on the mortgage, the homeowner was current in making the monthly payments, the homeowner's mortgage payment history during the 6 months prior to the interest rate reset showed no instances of making mortgage payments outside the month due.
The homeowner has sufficient income to qualify for the new FHA mortgage.
There must be sufficient equity in the home, if so, FHA will allow missed mortgage payments to be included in the FHA refinance mortgage, if the arrearages arose after the interest rate reset or the homeowner may be able to use a second mortgage to finance the missed payments.
To learn more about the FHASecure program go to the following website: http://www.fhamortgageprograms.com/mortgage/fha-secure.shtml
Homeowners should fill out a full application at to see if they qualify for the FHA Secure program
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