FHA Secure Helping More Homeowners
Last year, the FHA rolled out FHASecure, a loan program designed to help homeowners with adjusting ARMs (adjustable rate mortgages) get a fixed rate. Last month, FHA re-launched FHA Secure with some fresh new guidelines aimed at helping even more homeowners.
You can even qualify for FHA Secure if you missed up to 3 mortgage payments in the last 12 months. If you are not current on your mortgage payment, your missed payments must be the result of an adjustable rate mortgage (ARM) that reset or an “extenuating circumstance.” Extenuating circumstances, as defined by the FHA, include:
- Income loss by an event beyond control of the homeowner
- Job loss
- Non-covered medical bills
If you are current on your mortgage, but have an ARM that will be adjusting or have a mortgage which is more than the current value of your home, FHA Secure may also be an option for you.
When you owe more on your mortgage than what your home is worth, you may be at the mercy of your current lender when transitioning into FHA Secure.
It may be worth your while to speak with a mortgage banker who is approved by FHA and able to offer FHA Secure to find out if you qualify. While the guidelines of FHA Secure may seem daunting, having a new mortgage you can afford is something everyone can get their heads around.