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Secured FHA Loan Program
Foreclosure Help With FHA

On August 31, 2007 a new FHA Refinance option was introduced called the FHA secured loan. This new FHA mortgage refinancing program is designed specifically to address the needs of homeowners who are now facing inevitable foreclosure as result of mortgage payments adjusting beyond their means of affordability. As reported on the news, many of todays foreclosures are a result of risky Adjustable Rate Mortgage options sold to consumers through conventional financing and the many Sub-Prime (Bad Credit Loans) secondary markets. 

Many homeowners now find themselves in a situation where they cannot Refinance their homes through traditional or secondary mortgage programs. The secured loan introduced by FHA is designed to offer those who can afford their home with a traditional Fixed Rate a safe secure way out. To learn if you qualify for this unique opportunity, give us a call today or use our online Quick Mortgage Application.

FHA Secured Loan Overview

The guidelines for the FHA secured mortgage, unfortunately, will not address the needs of every homeowner. Many will find themselves in a situation where their home no longer has the same market value as it had at the time of purchase. However this FHA Loan option will assist many to achieve some level of security.

For homeowners to qualify under the FHA Secured Loan Program you must meet the qualifying requirements established for the loan program. The following secure FHA refinance conditions are not all of the required conditions necessary for approval, however, they reflect some of the more important conditions necessary to be considered under this program;

  • The interest rate on your home loan must have been or be set to adjust between June of 2005 to December of 2009. Presently, loans taken out by borrowers today will not qualify for this program in the future.
  • The property must be owner occupied and you must have at least 3% in equity in your home or three percent in cash. 
  • You must have sufficient income to make your new FHA mortgage payment as defined by traditional allowable FHA loan qualifying Ratios.
  • You must have a stable and sustained history of employment for the last two years
  • Your credit history must reflect prior on-time mortgage payments, before your mortgage rate began adjusting. 

In accordance with FHA guidelines the FHA secured home loan will not have a mortgage prepayment penalty. Further, if you meet the required guidelines for the FHA Secured Loan, we may be able to get your home out of Pre-Foreclosure or Foreclosure status typically within 14 to 21 days. Are you ready to learn more? Give us a call or use our Quick Mortgage Application today!

If you know of friends, family members, or co-workers who are, or may be, presently facing a mortgage crisis, feel free to use our refer a friend form to recommend our site and services. 

At Lifestyle-Mortgage.com, we specialize in the FHA program and can help many homeowners to refinance and save their home from foreclosure.  To learn more use our Quick Mortgage Application or simply give us a call.  One of our expert FHA loan officers will be more than happy to answer any questions you might have concerning the new FHA Secured Loan Program. 

 

 


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