The New FHA Secure Refinance Program
On August 31, 2007, President Bush proposed the new FHA Secure Refinance Program. This program is designed to help homeowners into fixed rate mortgages through the FHA to reduce their monthly mortgage payments and to eliminate the chance that their mortgage payments will increase in the future.
In recent years, many borrowers have been put into adjustable rate mortgages (ARM’s), deferred interest mortgages (called “Option ARM’s”), and subprime mortgages with the promise that initial mortgage payments would be low. Unfortunately, many of those mortgages are now adjusting into much higher monthly payments, making it difficult for homeowners to make ends meet. This is why the president is acting now in order to assist homeowners.
“Owning a home has always been at the center of the American Dream. Together with the United States Congress I will continue working to help make that dream a reality for more of our citizens.” President George W. Bush, August 31, 2007.
If you are in one of these mortgages, the FHA may be able to help you.
Apply Now and you will be able to learn if you qualify to refinance your adjustable rate mortgage into a fixed FHA mortgage with no out of pocket closing costs. This means that with the help of FHA, you may be able to refinance your home into a lower monthly payment and be assured that your monthly principle and interest payments will never increase.
With the number of homeowners in these ARM’s, it is important for you to act quickly, so please, Apply Now so that our FHA Mortgage Specialists can help you, today.
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