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HUD announces the FHA Secure Program for those with adjusting Mortgage Rates.
Check out this link, http://www.fha.gov/about/fhasfact.cfm, for information on the newest announcement made by HUD to assist those buyers with conventional ARMS(Adjustable Rate Mortgages) that are due to adjust between now and March, 2008, one of the largest pool of ARM's that have ever been written and purchased by both Fannie Mae and Freddie MAC, the largest investors of conventional mortgages.
If you know anyone who might be in a subprime ARM, perhaps on a two year or three year fixed rate with adjustments coming soon, or perhaps someone coming off of a Fannie three or five year ARM, they need to look at this alternative to converting this to a FIXED rate product. Here are a few caveats and guidelines I use for my clients when considering refinancing to a Fixed Rate.
First, how long you plan on staying or keeping the home with the ARM is paramount to any sound analysis for refinancing a mortgage. So many high pressure sales people urge borrowers to refinance when they have no intention of staying in the home for more than a year or so. I usually recommend not refinancing unless you can recoup your costs within the time frame of putting your home on ... more

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