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FHA Secure Refinance Loans
Now you can refinance your adjustable rate mortgage with the FHA Secure home loans, the lenders allow bad credit and late payments. Our FHA lenders can help you get up to speed with the entire new FHA loan programs. Our FHA refinance team will help you evaluate the benefits of refinancing with the latest government loan product. FHA home loans continue to help borrowers rebound from their high rate adjustable loans. If you find yourself behind on mortgage payments because your payment recently adjusted, you may qualify for a low fixed rate refinance saving you hundreds of dollars a month.
What are FHA Secure Loans?
Recently the president announced a new mortgage initiative called the FHA Secure Loan. This government secure FHA loan product was designed to reduce the number of mortgage foreclosures stemming from the significant adjustable rate hike that millions of Americans are not prepared to pay.
The FHA Secure is a new refinance option that is being offered to borrowers who have a stellar credit history with their variable rate mortgage. Qualifying borrowers will have to show the lenders that they have been making the house loan payments in a timely manner for the last twelve months or more. Rumor has it that this FHA product will have tighter underwriting guidelines. Qualifying FHA Secure borrowers will be required to pay the usual mortgage insurance premium.
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The Housing of Urban Development made recent comments regarding the eligibility and standards for the FHA Secure Loan Program:
- Interest rates must have or will reset between 5/2005 & 12/2009
- 3% cash or Maximum of 97% CLTV
- No Late Payments for Mortgage Payment History
- Consistent employment history must be established
- Credible income to afford paying the new mortgage payment.
Where do I find an FHA approved lender?
To find an FHA and HUD approved lender, check out HUD-approved lenders. Submit the information regarding what state and area you live in and you will find a list of lenders in your vicinity.
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