FHA Secure Loan

President Bush recently announced the FHASecure plan to assist home owners avoid foreclosure because of their adjustable rate mortgage payments increasing beyond their means. You can even refinance if you are currently behind on your mortgage payments or even facing foreclosure.

Below are the key points of the plan.  The new refinance program requires borrowers meet five general FHA loan guidelines.

1.      A history of on-time mortgage payments prior to their teaser rates triggering to a  higher interest rate;

2.      Interest rates must have or will reset between June 2005 and December 2009;

3.      The new refinance loan must not exceed 97% of the home's appraised value;

4.      At least a two year employment history in the same or related occupation;

5.      Sufficient verifiable income to make the new mortgage payments. 

These general guidelines are by no means meant to present the program in depth, but, rather, are intended to provide enough information for you to understand one option available to you if your current mortgage is now, or may be in the future, in default.  However, if you meet the guidelines, there is a very good chance you can convert your ARM loan into a fixed FHA loan.

To find out if you qualify for an FHASecure loan contact us today at 281-673-1650 or toll free at 800-561-4916.

If you prefer to apply online please click the following link:  http://www.easymortgagetexas.com/apply.php