New FHA Secure Program for more Mortgage help
New FHA Secure Program for more Mortgage help
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]
December 2nd, 2008 at 2:29 pm
This will help a great need and hopefully establish a bootom to the housing market. This will greatly help the overall picture. Being an investor myself I am happy to see a reduction(hopefully) in the foreclosure rate. This help help stabalize the market
January 17th, 2009 at 5:18 pm
Great information.With the credit market locked up like it is now its gonna be a rocky road for anybody with blemishes on their credit report.
January 29th, 2009 at 4:15 am
This is really helpful for those who are not in the position to avoid their foreclosure and save their home.So they will be get relief when their Mortgage payments will be reduced. Thanks for such nice information.
May 11th, 2009 at 12:02 pm
I read this blog post really late when President Obama has announced $800 million help to counter foreclosure. If this step would have taken by President bush then the scenario could have been different.