FHA Secured Loan Program
Refinance High Risk, High Payment, ARM Loans
We are pleased to participate
in the FHA secured loan program, designed to assist
homeowners with ARM loans, to Refinance
into a secure fixed rate FHA
loan. In August of 2007, FHA introduced the secured
loan program to facilitate a borrowers ability to
refinance out of an adjustable rate mortgage program
who's interest rate reset, or will reset, between June
of 2005 up through December of 2009.
Who Can We Help?
We are able to review, approve and fund the FHA
Secured Loan program in each state in which we are
FHA Licensed. Presently we are licensed in; Alaska,
California, Colorado, Florida, Montana, Indiana, Louisiana,
Maryland, Minnesota, Mississippi, New Mexico, North
Carolina, North Dakota, Pennsylvania, South Carolina,
South Dakota, Tennessee and Texas.
If you reside in any of our FHA approved states, we
can work with you to see if you meet qualifying guidelines
for the Secured FHA loan program. Don't let a out
of control mortgage payment, past due Mortgage
payment or notice of foreclosure prevent you from taking
action any longer! Don't delay, and please, don't
stop making your monthly mortgage payment. Call
today at 1-800-570-0448 or just use our super fast and
easy quick
application be begin the review process!
Secured Loan Eligibility Requirements
To be eligible for consideration for the FHA Secured
Home Loan Program, all borrowers must meet certain
minimum eligibility requirements. These requirements
include;
- You must presently have an adjustable rate mortgage
whose interest rate reset or is scheduled to reset
not later than December of 2009. Homeowners who elected
to take on an ARM loan after the most recent mortgage
crises are not eligible for this program.
- Your property must be owner occupied. This means
you must physically live at the property full time,
as your permanent residence. Second homes or investment
properties are not eligible for the secured FHA loan
program.
- Eligible candidates should have at least 3% in property
equity or 3% in cash reserves. This program is not
a 125% mortgage program. If your home has a value
less than the amount owed on your loan, be prepared
to have the difference in liquid capital.
- Every candidate must have sufficient income to meet
the new proposed fixed rate mortgage PITI payment.
(Principle, Interest, Property Tax and Insurance)
The FHA program will only insure loans that make sense
for the borrowers, if the payment doesn't make sense,
the loan will not be considered for the FHA Secured
loan program.
- All applicants should have a stable employment history.
This is not to say that you have to be with the same
job for the last two years, however, it is ideal to
have the same industry. Every situation is unique
and our FHA underwriters will give consideration to
your compensating factors which may have resulted
in an unusual job change.
- The FHA loan program does not consider credit score
as a part qualifying. However, it does consider credit
quality. Under the Secured FHA loan program, borrowers
may be forgiven for ARM inflicted credit damage provided
they can meet all other qualifying factors, AND prior
to the borrowers Interest rate reset, all payments
were made on time. Basically, we need to show that
any existing credit issues are a direct result of
your interest rate and mortgage payment increase.
While there are other issues related to qualifying
for the FHA secured program, the idea and principles
behind the underwriting are designed to prevent homeowners
from losing their home to foreclosure. Many of todays
foreclosures and borrowers with late mortgage payments
should NEVER have occurred. We want to do our part to assist as many eligible borrowers
as possible in the process of saving their home
and their good name. Give us a call today at 1-800-570-0448
or just use our quick
application to learn more about the Secured FHA
mortgage program.
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