WHAT IS FHA Secure
FHA Secure 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. WHO IS ELIGIBLE To qualify for FHA Secure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
Have a non-FHA insured ARM that has reset
Sufficient income to make the mortgage payment and
A history of on-time mortgage payments before the loan reset
Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment. By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHA Secure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
President Bush on Foreclosures
The U.S Government is finally taking action to relief homeowners with sub-prime mortgages. Experts say the initiatives are designed to ease foreclosure fears and help the economy, not to bail out lenders. In an anticipated announcement President Bush unveiled the plan that, he said, would help homeowners avoid foreclosure. The “Bush Plan” was negotiated with private lenders and it would allow some borrowers who’s interest rates are soon to rise to either refinance their loans or have their current rates frozen for five years. Bush said “it would bring more relief to more homeowners more quickly” As we take these steps, Bush added, the Department of Justice will continue to pursue wrongdoing in the banking and housing industries — so we can help ensure that those who defraud American consumers face justice. “The rise in foreclosures would have negative consequences for our economy. Lenders and investors would face enormous losses. So they have an interest in supporting mortgage counseling and working with homeowners to prevent foreclosure” the President Said. Bush was very clear when he said that the Government’s plan in no way was designed to help irresponsible buyers. ” We should not bail out lenders, real estate speculators, or those who made the reckless decision to buy a home they knew they could never afford he said. The holidays are fast approaching and unfortunately this will be a time of anxiety for Americans worried about their mortgages and their homes” said Bush. The President called on congress to do its part in providing some immediate relief. Bush said the steps were needed “so we can keep the economy healthy and the American dream alive”.
Posted in 
Tags: 
