What is FHA Secure? Who does this program help?
“FHA Secure is designed for families who are good borrowers but were steered into high-costloans with teaser rates,” said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery.
“To qualify for FHA Secure, eligible homeowners must meet the following five criteria:
1) A history of on-time mortgage payments before the borrower’s teaser rates expired and loans reset;
2) Interest rates must have or will reset between June 2005 and December 2009;
3) Three percent cash or equity in the home;
4) A sustained history of employment; and
5) Sufficient income to make the mortgage payment.”
“Under the new FHA Secure plan,
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 refinancing. (Source – HUD news release HUD No. 07-123)”
JUMBO MORTGAGE LIMITS CHANGE
The current economic stimulus plan for Housing is set to adjust the conforming loan limits from $417,000 to $625,000 until December 31st, 2008. This will allow many Homeowners in non-conventional loans to refinance to much better terms. Also, for Homeowners located in markets where $600,000 doesn
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