Archive for May 4th, 2008
May
04
What is the Deal with FHA Secure Mortgage?
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Last year the government rolled out the FHA Secure loan that was supoosed to help people save their home’s. Unfortunately the FHASecure is difficult to qualify for and very few lenders are providing access to the program because it is so risky. The FHA Secure was designed for people who had never been late on their mortgage payment prior to their ARM adjusting. Our loan officers have commented that is very rare to mind borrowers who are late on their adjustable rate mortgage who had a perfect payment history.
The other issue is that most FHA lenders require a 580 fico score and if a borrower is late on their mortgage, then their credit score is almost always below 580.
