“It’s a viable alternative, sometimes the only option - for homeowners who want out of their high-cost loans”. 
United States of America (Press Release) May 20, 2008 --
Since this government program started in 2007, 200,000 people have received FHASecure loans. Mortgage brokers are saying that these loans have become a viable alternative, in some cases the only option for homeowners to get into a low, fixed rate loan and save hundreds a month on their payments. The average savings for people in this program are $400 per month.
Most people in subprime loans don’t want to hit their resets. Even though subprime loans are only 7% of U.S. mortgages, they account for 42% of delinquencies. In the year-end period ending in March, 650,000 home have been foreclosed upon. Just this year, 210,000 people have lost their homes.
Under new rules that begin in July, 2008, the FHASecure program will be open to all subprime ARM borrowers, not just the ones whose loans have already reset. A few requirements to keep in mind: You can be no more than 60 days late or 30 days late twice in a 12-month period. You also need to have either home equity, or cash, equaling 3% of the mortgage principal. If you are 3 months behind or 30-days late twice in a 12-month period you will need to have 10% home equity or cash, equaling 3% of the mortgage principle.
These loans may also be easier to qualify for because they are guaranteed by the government so your lender has less risk.
See if you have enough equity in your home to refinance by viewing your current home value when you enter your zip code and street address on this site, www.Mortgages-For-Everyone.com
Most people in subprime loans don’t want to hit their resets. Even though subprime loans are only 7% of U.S. mortgages, they account for 42% of delinquencies. In the year-end period ending in March, 650,000 home have been foreclosed upon. Just this year, 210,000 people have lost their homes.
Under new rules that begin in July, 2008, the FHASecure program will be open to all subprime ARM borrowers, not just the ones whose loans have already reset. A few requirements to keep in mind: You can be no more than 60 days late or 30 days late twice in a 12-month period. You also need to have either home equity, or cash, equaling 3% of the mortgage principal. If you are 3 months behind or 30-days late twice in a 12-month period you will need to have 10% home equity or cash, equaling 3% of the mortgage principle.
These loans may also be easier to qualify for because they are guaranteed by the government so your lender has less risk.
See if you have enough equity in your home to refinance by viewing your current home value when you enter your zip code and street address on this site, www.Mortgages-For-Everyone.com
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