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The Bush Administration recently unveiled additional mortgage assistance for homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA).
Call 1 (800) 225 5342 for more information. |
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On Novemeber 7th The new FHA limits for 2009 were announced!
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Homesales.gov has homes for sale from HUD and other federal agencies in one place. You can find more homes by visiting our homes for sale page. |
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President Bush announced on August 31, 2007, that HUD's Federal Housing Administration (FHA) will launch its newest plan to help America's homeowners avoid foreclosure or delinquency. The FHASecure plan is designed to allow families with strong credit histories who had been making on-time mortgage payments before their Adjustable Rate Mortgage reset-but are now in default-to qualify for refinancing.
FHA recently has experienced a substantial increase in the number of conventional borrowers refinancing into FHA products. With FHASecure, it will help even more. The number of refinancing transactions has tripled since the beginning of 2006. FHA's transactions are projected to surpass 100,000 loans by the end of the fiscal year. To date, these figures do not include refinances for delinquent borrowers.
The FHASecure initiative will operate under the same safe guidelines as the FHA's existing mortgage insurance program without affecting FHA's financial state. Eligible homeowners will be required to meet strict underwriting guidelines and pay a mortgage insurance premium, which offsets the risk to FHA's insurance fund at no cost to the taxpayer. 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.
Eligible homeowners must meet the following five criteria to qualify for FHASecure :
1. Three percent cash or equity in the home;
2. Interest rates must have or will reset between June 2005 and December 2009;
3. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
4. A sustained history of employment; 5. Sufficient income to make the mortgage payment.
"FHASecure is designed for families who are good borrowers but were steered into high-cost loans with teaser rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "These homeowners, many of whom are minorities, need a safe, affordable mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."
FHASecure will bring an also much-needed liquidity to the mortgage market. FHA anticipates more lenders will offer FHA-insured loans, pool them, and securitize them with the Government National Mortgage Association (Ginnie Mae), which has the full faith and credit of the U.S. government. This guarantee makes Ginnie Mae's mortgage-backed securities the safest on the market and helps to channel greater capital into the housing market, benefiting U.S. homeowners. |
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| Check comparables in your neighborhood to get a value on your home. read more |
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Already having an FHA loan qualifies you for one of the easiest money saving refinances available
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FHA is a very popular route for most first time homebuyers to take. It is not a program reserved only for first time home buyers, you can also buy your third or fourth home with an FHA loan
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