FHA Secure Mortgage
The FHA secure program for refinancing ARM mortgages into secured fixed rate loans.
The FHA secure loan program was passed by Congress on August 31st, 2007 as a temporary FHA program designed to assist homeowners to refinance out of an adjustable rate mortgage. Backed by the Federal Government, the FHA Secured Loan can assist you in achieving your objective of getting out from underneath a bad ARM product. If your ARM has already adjusted, or will be resetting in the future, you owe it to yourself to complete our quick quote!
With the increase in FHA loan limits having been passed by Congress and the Senate, an estimated additional 500,000 homeowners will now have the opportunity to refinance their previously ineligible mortgage loan into the FHA secure mortgage program. This is a limited time opportunity! If your mortgage rate has adjusted, if you're facing foreclosure as a result of an increase in your interest rate, or you are just facing an impending rate increase, you simply cannot afford to wait! Start your secured FHA loan inquiry by completing our quick quote today!
Eligible borrowers for the FHA secure loan program must meet the minimum FHA underwriting guidelines established for this secured loan product.
- Your mortgage rate must have reset after June of 2005 or be scheduled to reset before December of 2009.
- New ARM loans will not be eligible for this limited time FHA secured mortgage program.
- Your income must qualify for the new fixed rate FHA loan payment.
- You should have either 3% equity in your home or at least 3% in cash to pay down your proposed loan amount to qualifying levels of the secured FHA loan program. You can be gifted these funds from friends, family, or employers, provided the gift follows FHA guidelines.
- While stable employment will not, by itself, preclude you from being qualified, the ideal candidate will not have lapses in employment. Changing jobs in the same field for an equal or greater income is ok, but will require a letter explaining why the change occurred.
- Being in foreclosure proceedings does not automatically disqualify you from being approved for the FHA secured loan. The underwriter will make the decision based upon guidelines and compensating factors as to whether the secured loan is the right vehicle for you to prevent or stop the foreclosure process.
- Your credit history must reflect on-time mortgage payments prior to your adjustable rate mortgage resetting. This may require you to attain a payment history statement from your present mortgage company to support our secured FHA underwriting process.
While we cannot assist every homeowner facing foreclosure due to interest rate adjustments, the FHA Secure mortgage program offers hundreds of thousands of people an opportunity at a fresh start with their mortgage. If you qualify and close, under the secured FHA loan program, you will be afforded all of the benefits and security that a fixed rate government backed FHA loan offers. Learn more today! Use our quick quote form to learn more about the FHA secured loan.