The Bush administration has come forward with additional mortgage help for borrowers who are facing problems with their mortgage payments and are at risk of facing foreclosure. The FHA has announced a new plan, the FHA Secure Expansion, which will be backed by the Bush Administration, for the struggling borrowers so that they can keep up with the monthly mortgage payments.

The borrowers, who miss payments in 2 consecutive months or at 2 different times in the last 12 months, will be able to refinance with FHA Secure Expansion program if they meet 97 percent loan-to-value ratio requirement. Even borrowers having 3 missed payments in 3 consecutive months or at 3 different times in the last 12 months can refinance if they meet 90 percent LTV ratio requirement. The lenders will have to ensure that the borrowers have the capability to pay back their mortgages.

Borrowers who are currently using FHA Secure is saving on an average 400 dollars per month than their previous sub-prime loans. So the bottom line is that the government is providing a golden opportunity to the sub-prime borrowers so that more people can refinance with FHA Secure and avoid facing foreclosure.

For further details, check out the community discussion on FHA Secure Expansion

[tags]fha secure expansion, fha refinance, mortgage help, avoid foreclosure[/tags]

Hi All,

Today we have come up with our Industry News section with a new look and after fixing some logical bugs.

Now the community members can share any mortgage news or latest happenings in the mortgage or finance industry from any news site or blog.

I personally feel, it will give a platform to financial bloggers who can share their interesting blog posts covering industry happenings with a large community and collect their comments.

And the members who don’t have their own blog can also share any new site or other blogs covering latest industry happenings with the community.

So, let’s make our community aware of the latest in finance!