FHA just came out with a program to help borrowers who have recently experienced a rate reset that caused their mortgage to become delinquent. It's a 30 year fixed rate around 6% with no prepayment penalties and is available for loan amounts up to $362,000.00. To qualify you must meet all the following requirements:
- Have a non FHA loan that has reset
- A history of six months of on-time mortgage payments before the loan reset.
- Mortgage must be delinquent.
- Value must be supported.
- All home owners must be owner occupants.
- Borrowers must make sufficient income to make the mortgage payments.
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