What Is an FHASecure Mortgage?

A sense of security is a very important thing, especially when it comes to your finances. That’s why the Federal Housing Administration (FHA) Secure program provides struggling homeowners an extra sense of security with their mortgage loans by helping them avoid foreclosure.

What Is the FHASecure program?

The FHASecure financing plan helps homeowners with non-FHA mortgages refinance into an FHA-insured mortgage. Even if you are delinquent on your loan, you are not automatically disqualified from getting a FHASecure loan.

How FHASecure Is Helping the Economy

FHASecure mortgages not only helps struggling homeowners, but also keeps the current housing market liquid and stable.

Since July 14, 2008, the FHASecure program increased efforts to help stabilize the current market situation caused by the subprime mortgage crisis. Families who have missed up to three monthly mortgage payments over the past year or are experiencing financial hardship can get a helping hand from FHASecure.

How to Get an FHASecure Mortgage

In order to qualify for an FHASecure mortgage, you need to be current on your mortgage (in most cases) and have sufficient income to make the mortgage payment. Borrowers can actually save money by refinancing with a FHASecure loan since monthly payments can be lowered adding more cash to your pockets.

If talks with your current lender have gotten you nowhere and you are fearful of losing your home, don’t panic.

Research and find all you can about different types of mortgage options, rate information and build your knowledge of the current industry. Once you feel fully educated about your options, you may find that an FHASecure loan may be able to provide you with the refinancing you need to keep your home.