FHA Secured Loan Program
Refinance High Risk, High Payment, ARM Loans
We are pleased to participate in the FHA secured loan program, designed toassist homeowners with ARM loans, to Refinance into a secure fixed rate FHA loan. In August of 2007, FHA introduced the secured loan programto facilitate a borrowers ability to refinance out of an adjustable rate mortgage program who’s interest rate reset, or will reset, between June of 2005 up through December of 2009.
Who Can We Help?
We are able to review, approve and fund the FHA Secured Loan programin each state in which we are FHA Licensed. Presently we are licensed in; Alaska, California, Colorado, Florida, Montana, Indiana, Louisiana, Maryland, Minnesota, Mississippi, New Mexico, North Carolina, North Dakota, Pennsylvania, South Carolina, South Dakota, Tennessee and Texas.
If you reside in any of our FHA approved states, we can work with you to see if you meet qualifying guidelines for the Secured FHA loan program. Don’t let a out of control mortgage payment, past due Mortgage payment or notice of foreclosure prevent you from taking action any longer! Don’t delay, and please, don’t stop making your monthly mortgage payment. Call today at 1-954-667-9110 or just use our super fast and easy full Application be begin the review process!
Secured Loan Eligibility Requirements
To be eligible for consideration for the FHA Secured Home Loan Program, all borrowers must meet certain minimum eligibility requirements. These requirements include;
- You must presently have an adjustable rate mortgage whose interest rate reset or is scheduled to reset not later than December of 2009. Homeowners who elected to take on an ARM loan after the most recent mortgage crises are not eligible for this program.
- Your property must be owner occupied. This means you must physically live at the property full time, as your permanent residence. Second homes or investment properties are not eligible for the secured FHA loan program.
- Eligible candidates should have at least 3% in property equity or 3% in cash reserves. This program is not a 125% mortgage program. If your home has a value less than the amount owed on your loan, be prepared to have the difference in liquid capital.
- Every candidate must have sufficient income to meet the new proposed fixed rate mortgage PITI payment. (Principle, Interest, Property Tax and Insurance) The FHA program will only insure loans that make sense for the borrowers, if the payment doesn’t make sense, the loan will not be considered for the FHA Secured loan program.
- All applicants should have a stable employment history. This is not to say that you have to be with the same job for the last two years, however, it is ideal to have the same industry. Every situation is unique and our FHA underwriters will give consideration to your compensating factors which may have resulted in an unusual job change.
- The FHA loan program does not consider credit score as a part qualifying. However, it does consider credit quality. Under the Secured FHA loan program, borrowers may be forgiven for ARM inflicted credit damage provided they can meet all other qualifying factors, AND prior to the borrowers Interest rate reset, all payments were made on time. Basically, we need to show that any existing credit issues are a direct result of your interest rate and mortgage payment increase.
While there are other issues related to qualifying for the FHA secured program, the idea and principles behind the underwriting are designed toprevent homeowners from losing their home to foreclosure. Many of todays foreclosures and borrowers with late mortgage payments should NEVER have occurred. We want to do our part to assist as many eligible borrowers as possible in the process of saving their home and their good name. Give us a call today at 1-954-667-9110 or just use our Full Application to learn more about the Secured FHA mortgage program.