| FHA Loan Programs |
FHASecure Aid Plan
going up FHASecure is the plan to bring stability and To
qualify for FHASecure, eligible homeowners must meet
the following five criteria:
1. A history of on-time mortgage payments before the
borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June
2005 and December 2008;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.
qualify for FHASecure, eligible homeowners must meet
the following five criteria:
1. A history of on-time mortgage payments before the
borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June
2005 and December 2008;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.
"Many hard-working American families who were able to make their mortgage payments under
the initial teaser terms of the exotic loan are now struggling to make ends meet because their
rates have doubled or tripled," said HUD Secretary Alphonso Jackson. "FHASecure will bring
stability to the housing market and give eligible families who were in good financial standing
before their loans reset a chance to keep their homes."
"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. "These homeowners, many of whom are minorities, need a safe, affordable
mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance
premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."
Also the FHA will be adding risk based mortgage insurance which is already being used by
insures like Fannie Mae and Freddie Mac. What this will do for the FHA is offer low rates for
mortgage insurance to better qualified borrowers.
the initial teaser terms of the exotic loan are now struggling to make ends meet because their
rates have doubled or tripled," said HUD Secretary Alphonso Jackson. "FHASecure will bring
stability to the housing market and give eligible families who were in good financial standing
before their loans reset a chance to keep their homes."
"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. "These homeowners, many of whom are minorities, need a safe, affordable
mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance
premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."
Also the FHA will be adding risk based mortgage insurance which is already being used by
insures like Fannie Mae and Freddie Mac. What this will do for the FHA is offer low rates for
mortgage insurance to better qualified borrowers.
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
