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Date: Dec. 26, 2007
Tags: Fha
FHASecure Refinance - you have likely heard of it. Perhaps you have even studied it wondering how it can help you. Obviously, by the name, you can tell it is not designed to help those of you looking to purchase a home or sell a home because it is a refinance. If you are, however, looking to refinance your home and you meet the proposed criteria the FHASecure Refinance may be just what the doctor, or President, ordered.
Contrary to popular belief the FHA ecure Refinance is not the total salvation needed to stem all of the blood flow but it certainly is not hurting. Some lenders are still confused as to the guidelines to be announced by FHA and have already begun advertising these loans but in reality they are not yet available through them. One notable lender continually says, "Yes, we are doing the FHASecure Refinance now." Yet when questioned on the guidelines they do not have any!
It is beyond the scope of this short article to give an expose on the full guidelines but the outline looks generally better than the original proposal. Originally it had been proposed that the borrower would have to be in default but only have entered default after the adjustment period. This is not the case. It was also originally proposed that the existing loan would have to be an FHA insured loan--this also is no longer true and any loan may be refinanced using the FHASecure provided the loan, property and borrower meet all other criteria.
FHA property value limits and qualifications do still apply as well as FHA borrower qualifications. As with any loan the best way to know for sure is to call. In Georgia and Florida the FHASecure Refinance is available from Novation Mortgage at 678-946-0100.
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