FHASecure Program
By admin | January 23, 2008
On December 3, 2007 President Bush addressed the concerns of many homeowners facing foreclosure with the news about a government backed refinancing program called FHASecure. FHASecure is a government-insured program designed to avoid foreclosure with sub-prime loan homeowners. In three months the initiative has helped over 33,000 avoid foreclosure with the hopes of helping over 50,000.
“FHASecure is providing tens of thousands of families with a powerful incentive to obtain affordable and safe home loans,” Jackson said during his keynote address to the Office of Thrift Supervision’s National Housing Forum. “Homeowners finally have an opportunity to save their American Dream without risking their financial future, and they’re taking advantage of it everyday.”
The program was established in August of this year and provides individuals who have a history of making their payments on time in accordance with their original loan interest rates but once the rates were increased they became delinquent. These loans are becoming more of a viable option considering FHA Loans are less likely to become foreclosure cases.
For information regarding this program or any other FHA program you can visit the FHA.gov site or you may also visit the Mortgage Loan Place.com, an FHA approved lender.
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