FHASecure

[Anonymous]

http://www.fha.gov/about/fhascusqa.cfm

For all the griping, there's rather narrow criteria to qualify for FHASecure.

• Max of 97% LTV ratio--you're outta luck if you're upside down.
• It's only for ARMs.
• FHASecure is for those who are delinquent, but you must have been current for 6 months before the reset.

http://www.fha.gov/press/2007-08-31release.cfm

"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.

[Anonymous]

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June 2005 and December 2009;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.

This is going to help lots of people!!!