Thursday, November 29, 2007
Couple weeks ago I participated in a seminar prepared by the local HUD office in Jacksonville, FL about the government initiative to help homeowners facing foreclosure or is trying to refinance their adjustable rate mortgage. Here is some of the program guideline.
Do you think this program will make a big impact on the nation's foreclosure problem?
For those of you loan officers I wanted to share this new FHA porgram and see if you can assist more homebuyers.
YOU WORKED HARD FOR HOMEOWNERSHIP
The Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive.
We provide mortgage insurance on loans made by FHA approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, manufactured homes and healthcare facilities.
WHAT IS FHASecure?
FHASecure is a refinancing option that can give credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with an FHA insured loan product.
WHO IS ELIGIBLE?
To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
1. Have a non-FHA insured adjustable rate mortgage that reset;
2. Sufficient income to make the mortgage payment; and
3. A history of on-time mortgage payments before the loan reset.
Homeowners who are current on their conventional mortgage must have sufficient income to make the mortgage payment.
FHA CAN HELP YOU
By refinancing into an FHA insured mortgage, a homeowner can expect lower monthly mortgage payments and the safety and security of an FHA insured product that offers default protection measures.
ADDITIONAL BENEFITS OF FHA
• No prepayment penalties
• No confusing teaser rates
• No backend balloon payments
FHASecure can improve the quality of life for communities by helping to stabilize local housing markets.
HOW TO APPLY
Search for the nearest FHA approved lender at www.fha.gov or phone 1-800-CALL-FHA (1-800-225-5342).
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