Need mortgage help? Try out FHA Secure Expansion
Mortgage April 14th, 2008If you’re in mortgage trouble and have made 2-3 late payments, the FHA Secure Expansion is what you may need.
The Bush administration has recently declared the FHA Secure Expansion with the aim to provide mortgage help to borrowers struggling with their high cost subprime loans. Under this plan, the Federal Housing administration (FHA) will be insuring more loans on which borrowers are late twice/thrice and have even received a principal write-down from the lenders.
Thus, if you’re looking to refinance to get out of the existing mortgage, and you aren’t getting approval for conventional loans, then FHA Secure Expansion may be the right choice for you.
As expected by the FHA, the program is likely to provide mortgage help to 500,000 families thereby allowing them to refinance into FHA loans by the end of this year. But perhaps it’s too early to contemplate such a huge effect. However, the best thing about this program is that, it includes borrowers who’ve been late on their payments unlike what the previous FHA Secure program demanded as its eligibility criteria.
However, borrowers willing to come under this plan will have to fulfill certain eligibility criteria as available at http://www.mortgagefit.com/foreclosure/fhasecure-expansion.html .
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April 14th, 2008 at 12:38 am
yes caron this is a very good initiative taken by the FHA and I hope that it’s going to work this time even more than the earlier one, because this time they’ve tried helping out delinquent borrowers.