Did the rate on your mortgage adjust recently? Did you fall behind on your payments after the rate went up? Then you might be eligible for the FHA Secure program. FHA Secure is a program signed into law by President Bush in 2007. If you are on an adjustable rate mortage and your rate has adjusted - FHA Secure could help you get back on track!
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.
Essentially, FHASecure gives you a way to refinance out of your current adjustable rate mortgage into a long term fixed rate mortgage. Often times this is hard to do if you have fallen behind in your mortgage paymets. This is treated just like any other time you would refinance your home mortgage. There will be closing costs and fees - and other guidelines and rules need to be followed. Any lender who does FHA loans will be able to tell you more about FHA Secure - or call me and I will connect you with someone I work with.
Remember - the worst thing you can do is nothing!
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663