FHA Secure loan

If you were clean on your mortgage and now you will have a hard time making payments because you are in an adjustable rate mortgage that is going to adjust substantially, check out Fha secure.

To qualify, borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines

FHASecure can help you even if you're currently in default, and if the value of your home is less than what you owe.  The lender considering the refinance will have to be willing to accept a short payoff on the existing loan OR hold a second mortgage to make up the difference.  To answer most of your questions, visit FHA's FAQ.  Pricing on FHA Secure loans is almost as good as a regular FHA loan... there is only a slight add on.

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