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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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FHASecure
In the past, FHA refinance products have only been available to borrowers who have
paid there mortgage on time every month for the last twelve months. Now there is a
new program for borrowers who have been unable to make their payments on time,
due to rising rates on an ARM, or adjustable rate mortgage. "FHASecure is designed
for families who are good borrowers but were steered into high-cost loans with teaser
rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "
To qualify for FHASecure, eligible homeowners must meet the following five criteria:
A history of on-time mortgage payments before the borrower's teaser rates expired
and loans reset;
Interest rates must have or will reset between June 2005 and December 2009;
Three percent cash or equity in the home;
A sustained history of employment; and
Sufficient income to make the mortgage payment.
In the past, FHA refinance products have only been available to borrowers who have
paid there mortgage on time every month for the last twelve months. Now there is a
new program for borrowers who have been unable to make their payments on time,
due to rising rates on an ARM, or adjustable rate mortgage. "FHASecure is designed
for families who are good borrowers but were steered into high-cost loans with teaser
rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "
To qualify for FHASecure, eligible homeowners must meet the following five criteria:
A history of on-time mortgage payments before the borrower's teaser rates expired
and loans reset;
Interest rates must have or will reset between June 2005 and December 2009;
Three percent cash or equity in the home;
A sustained history of employment; and
Sufficient income to make the mortgage payment.
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