KRDO Resources

FHASecure:

Joe was interviewed today by KRDO, our local ABC affiliate. The segment was on the Announcement from the "White House" last week that they were getting involved in the pending foreclosure train wreck.

Although there was no real groundbreaking news from either Washington or Wall Street, this was still a welcome announcement, at least in the Real Estate trenches. The implementation on the new FHASecure program gives homeowners that are stuck in ToxicARM's an option out and into an FHA insured loan.

If you are in this situation and considering taking advantage of the FHASecure program, here are some important points to consider:

• The borrower must have 3% equity in their home
• Good payment history for six months prior to the interest-rate reset that caused the delinquency
• Borrowers seeking to refinance under FHASecure must obtain a new appraisal
• Must be able to demonstrate they can repay the loan.
• There is no minimum FICO score
• Outstanding late payments can be refinanced into the new loan as long as the 3 percent equity requirement is maintained.

 
If you are interested in talking to a an expert about pursuing this program, please submit this request and someone will be in touch.

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