Updates on the FHASecure Program to assist homeowners whose interest rates are resetting

Here is the latest on the web concerning the FHASecure Program, designed to assist homeowners who can no longer afford their mortgage payments due to an interest rate reset:

• CountryWide has already launched the program and, as of last week, 35 loans have already been originated.
  
• First Horizon National Corp. in Memphis is ramping up to begin their participation in the program.
  
• There are strict rules for the FHASecure program - first being that the mortgage must be 30 days delinquent due solely to the interest rate reset.
  
• Ironically, the FHASecure program cannot be used to refinance an FHA loan.
  
• The homeowner must have made six consecutive payments on time prior to the interest rate reset to qualify.
  
• Homeowner must have 3% equity in home to qualify.
  
• Some lenders may even issue this loan when the homeowner has been or is in bankruptcy.
  

If you cannot qualify for the FHASecure program, try the Neighborhood Assistance Corporation of America based in Boston. To qualify, the homeowners interest rate must be 10% or more and you must have had your mortgage for at least two years.

There will surely be more programs popping up, and I will keep you informed.

So, as always, 'til next time, it's all good!