I am trying to find a lender who is qualified to answer and address questions about the new FHA Secure and who,in fact, can do the loan.
What is FHASecure? FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a 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:
Have a non-FHA insured ARM that has reset;
Sufficient income to make the mortgage payment; and
A history of on-time mortgage payments before the loan reset.
Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
You can find a HUD approved FHA Secured lender at: http://locator.fha.gov/
I welcome the opportunity to answer any of your questions regarding the guidelines for the FHA Secure financing program.
As far as being able to do a FHA Secure Loan, the approval of this type of loan would be determined by completing an application, reviewing credit and understanding the homeowner's current circumstances to see if they meet with the FHA Secure underwriting guidelines.
I would be happy to answer any specific questions regarding this program in as much detail as needed.