New FHA Secure Mortgage Refinance Program

We wanted to give you an update on our government reform post regarding the announcement of the new FHA Secure mortgage refinancing program. FHA Secure is designed for families who are good borrowers but were steered into high-cost ARM loans with teaser rates.

To qualify for FHA Secure, eligible homeowners must meet the following criteria:

• The loan must be a non-FHA ARM.
• A history of on-time mortgage payments "prior" to the borrower's ARM loan resetting to the higher rate.
• The Arm loan interest rate must have either reset or be scheduled to reset between June 2005 and December 2009.
• Mortgage late's are allowed after the reset date if they are directly related to your higher loan payment. In addition, if you are in a mortgage payment plan because of late payments and there is sufficient equity in the home, the late amounts can be rolled into the new loan.
• Second mortgages are possible under specific conditions.
• A minimum of 3% cash or equity in the home.
• A sustained history of employment.
• Sufficient income to make the new mortgage payment.

While the new program will help those borrowers who qualify save their homes, it is obviously not a free ride. It is designed for homeowner's who just need a little assistance in order to get out from underneath onerous ARM interest rates.

For more information, contact us at Metro Mortgage Company. We are a HUD approved FHA lender and would be happy to assist you.

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