President Bush Administration Announces FHASecure Initiative to Assist Homeowners
A new Mortgage Initiative that will assist homeowners with refinancing their current mortgages and keeping their homes.
Bush Administration Announces FHASecure Initiative to Assist Homeowners
On Friday, August 31, 2007, President George W. Bush announced a new Federal Housing Administration (“FHA”) initiative - FHASecure - that will assist nearly one-quarter of a million homeowners refinance and keep their homes. FHASecure is a temporary program (all loan applications must be signed no later than December 31, 2008) designed to provide refinancing opportunities to homeowners and to increase liquidity in the mortgage market. Under FHASecure, homeowners with strong credit histories who had been making timely mortgage payments before their loans reset, but are now in default, will be eligible for refinancing.
On Tuesday, the FHA released Mortgagee Letter 2007-11, which outlines the initiative and establishes the eligibility criteria. To qualify for FHASecure homeowners must meet the following criteria:
The mortgage being refinanced must be a non-FHA adjustable rate mortgage (“ARM”) that has reset or will reset between June 2005 and December 2009.
A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
Three percent cash or equity in the home;
A sustained history of employment; and
Sufficient income to make the mortgage payment.
Questions regarding your refinancaing options please Contact:
Adrienne Kearney
Sr. Loan Officer
404-748-4168 (office)
404-748-4169 (main)
adriennekearney@silvertonmortgage.com (email)