Are you in trouble with your existing mortgage?  Do you need help?  Are you afraid that you won't be able to qualify to refinance your existing home loan?  Have foreclosure proceedings started on your home?

If you answered yes to any of the above questions then you may be eligable to receive help from the Federal Housing Administration FHASecure Program.

If you are currently in a adjustable rate mortgage (ARM) or your interest rate is higher than it should be, you owe it to your self to check into the program.

I have outlined several of the most common questions regarding the program;

Question:  How can the FHASecure Program help me stay in my home?

Answer:  The FHASecure program allows homeowners with non-FHA adjustable rate mortgages (ARMS), current or delinquent and regardless of reset status, the ability to refinance into a FHA insured mortgage.  Therefore, if you are able to refinance....I have a feeling you won't be going anywhere.

I want you to read the above sentance again and pay special attention to the part where it says current or delinquent.  I have had several people tell me that program is only for homeowners who are delinquent, but this is not the case.  You don't have to be delinquent to be eligible.  In fact, FHA strongly encourages you to refinance before you get into trouble and fall behind.

Question:  Do I have to be delinquent on my home loan in order to be eligible for the program?

Answer:  No, you don't have to be delinquent on you loan, but if you are....that is ok too.

Question:  How far behind can I be on my mortgage?

Answer:  There is no limit to how far behind you can be.

Question:  What if I have an interest only mortgage?  Can I still qualify?

Answer:  Yes, if you are current on your mortgage you may be eligible.  If you are behind on your mortgage, then the default must have been due to payment shock of an interest rate reset.

Question:  What if there isn't enough equity in my home to refinance or I have a prepayment penalty?

Answer:  If there is not enough equity in your home to add your prepayment penalty and or closing costs to your loan balance, then you should ask your lender to see if a second mortgage would be possible to pay the difference on your home loan.

Question:  I am already in the foreclosure process, are there any programs available to help me?

Answer:  There is a possibility that the FHASecure program may be able to help you, but each situation needs to be looked at on a case by case basis.  There are many factors that must be considered such as the value of your home, how much you owe, is a lender willing to take a second mortgage on your property, etc...

Question:  What if the value of my home is worth less than the amount that I originally financed?

Answer:  It doesn't matter to FHA.  But, it will matter to the mortgage lender.  They would have to be willing to accept a short payoff or hold a second mortgage to make up the difference.

If you have any additional questions regarding the program, please email me at tino.muratore@gmail.com  I would be more than happy to answer your questions.

Thank you,

Tino Muratore