FHASecure Helps Troubled Homeowners

by Heather

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Today HUD (The Department for Housing and Urban Development) announced that they have helped
200,000 troubled homeowners from losing their homes. FHASecure, a program that was recently enhanced by the Bush administration allows consumers with good credit standings to refinance their
ARM (adjustable rate mortgage) into a safer FHA insured loan.

A recent press release from HUD stated:

“From September 2007 to February 2008, FHA insured 100,000 refinanced mortgages. As more homeowners continued to learn about the benefits of FHA’s traditional 30-year fixed, prime-rate financing, FHA-backed another 100,000 loans in half the time.”

The FHASecure program will soon allow eligible borrowers with subprime loans to refinance into FHASecure mortgage loans as well.

What are your thoughts on the FHASecure program? Is this just a bandaid for today’s mortgage crisis
or is it a long term solution to helping homeowners and families?

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