FHA secure refinances help prevent foreclosures by offering a rare opportunities for borrowers with an adjustable rate mortgage to refinance into a better loan It makes sense that consumers with high credit scores (about 660 for those with 20% equity in their homes or more and about 700 for those with less than 20% equity) will benefit from the higher conforming loan limits. But what about those facing foreclosure and those with lower FICO credit scores?
As mentioned previously, the FHA Secure was created with a mission to prevent homeowners from losing their house in a foreclosure. The secure refinance allows homeowners who currently have subprime adjustable rate mortgages (ARMs) the opportunity to get fixed rate refinancing as long as their mortgage payment history was good prior to the loan rate resetting.
This program is due to expire on December 31, 2008, so you'll need to take action quickly to refinance under this program. If you miss this deadline, a new law passed under the Housing and Economic Recovery Act of 2008, called HOPE for Homeowners Act of 2008, will take up where FHA Secure leaves off. It is another FHA loan program designed to help stem the flow of foreclosures. Even if you're not facing foreclosure, the government-backed Ginnie Mae loans are worthy of close consideration for both purchase and refinance loans. If you are a veteran, you could possibly get a VA loan with 100% financing. Fill out the free loan quote on this page, or give us a call for more information.
FHA interest rates displayed are subject to change available loan information can provided by the mortgage lenders directly after application is submitted for further underwriting review. The FHA Mortgage Refinance Loan Company is not directly affiliated with any government agency. We provide an online marketplace for consumers searching for FHA loans and HUD resources. We are affiliated with HUD approved FHA mortgage lenders. If you would like to contact HUD directly please visit their website online.
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