News

09/07/2007 - Bush Administration to help nearly One-Quarter of a Million homeowners to refinance and keep their homes.

FHASecure, like all FHA products, will be underwritten to ensure the borrowers have the ability to repay the loan, will require escrow for taxes and insurance, and will continue to offer unprecedented foreclosure prevention assistance. The FHA has never permitted and will not include pre-payment penalties or teaser rates that are common in exotic mortgages and have caused much of the current market troubles.

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

• A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
• Interest rates must have or will reset between June 2005 and December 2009;
• Three percent cash or equity in the home;
• A sustained history of employment; and
• Sufficient income to make the mortgage payment.

goodmortgage.com can assist you if you own a home in any of the states we are licensed in.

Here is the complete news release from HUD.