Looking to help curtail rising foreclosure rates across the country, the Federal Housing Administration recently announced its FHA Secure program. This new service is a broadening of the rules regulating FHA-insured loans. With FHASecure, consumers with a non-FHA adjustable-rate mortgage that are facing or in foreclosure can refinance to an FHA fixed-rate mortgage. Prior to the program, if a homeowner was already in foreclosure, they were pretty much left with no options. A history of, and current sufficient income to pay for the refinanced mortgage is a requirement. Without the minimum required income for the new fixed-rate loan, a consumer probably won’t qualify for the new program. The Complete Guide to Investing in Foreclosures

click here for article

search for : , , ,