refi-fhasecure - HUD has recently announced a refi-fhasecure program designed to help consumers who have fallen behind on their recently adjusted loans. This refi-fhasecure will allow a consumer to roll up to 6 months past due payments into a new refinance loan as long as they qualify. We will be taking a look at the refi-fhasecure program parameters available to the public and explain who exactly can qualify for this loan.

In order to qualify for a FHA refi you will have to prove that your late payments started after your adjustable rate mortgage increased, FHA will not approve borrowers who just paid late due to financial irresponsibility. You will not be able to receive any cash back for the FHA Secure program. The FHA Secure program will allow home owners with delinquent mortgage payments to refinance to a fixed rate FHA mortgage. The FHA secure program will not however help homeowners who have properties that have dropped in value and are now worth less the n the mortgage balance. The FHA secure program will allow home owners to refinance their home up to 97.75% of the appraised value. All home owners that refi with the FHA secure program will still have to qualify under FHA lending guidelines to ensure they have the income to repay the mortgage and avoid the same problem they are refinancing out of.

 

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