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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