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FHA has implemented a new "FHA Secure" home loan program to assist distressed homeowners
• FHA Secure is designed to help families negatively affected by adjustable interest rates through FHA insured fixed rate financing
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Under the new FHA Secure option, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for 30 year fixed rate refinancing
To qualify for FHA Secure, eligible homeowners must meet the following five
criteria:
1. On-time mortgage payments for six months prior to your current loan
reset-mortgage (lates after loan reset are acceptable).
2. Reset must occur between June 2005 and December 2008
3. 3%cash or equity in the home
4. A sustained history of employment
5. Sufficient income to make the mortgage payment |
