How Can the FHA Secure Program Help Me?
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/code> <br>How Can the FHA Secure Program Help Me?</h2><br>There are many myths about FHA secure loans. </span>It is time to clear up the ambiguity and let the homeowners of America</st1:place></st1:country-region> know exactly what can and cannot be done with an FHA secure mortgage. </span>There is a lot to go over, but if you are upside down on your home, behind on your mortgage payments, in foreclosure, have an adjustable rate mortgage, or have a first and second mortgage on your home then you may benefit from an FHA secure mortgage.<br>Do I Have to be Late on my Mortgage Payments?</h3><br>What if my Mortgage is Currently Past Due?</h3><br>If you are like many homeowners you have been late on some of your mortgage payments recently. </span>You may even be up to 90 days or more behind on your mortgage payment. </span>The FHA secure program does not have any requirements for late payments. </span>What does this mean to you? </span>Late mortgage payments do not eliminate your chances of obtaining a loan with this program. </span>In fact, there is no limit on the number of late payments or past due payments that are allowed. </span>Keep in mind that you do not have to be past due on any payments and you do not have to have any late payments. </span>Late payments do not play a major role in your ability to qualify for an FHA secure mortgage.<br><br>There is one limit on late payments. </span>If you currently have an interest only mortgage you must be current on your mortgage. </span>Late payments are allowed if your adjustable rate mortgage has recently reset. </span>This is considered a payment shock. </span>Homeowners that are currently in foreclosure are also eligible for an FHA secure mortgage; depending on how much equity remains in the home and several other factors. </span>Homeowners in foreclosure should always try to work with their current lender but it may be possible to obtain FHA financing and save your home.<br>FHA Loan Limits</h3><br>The loan limits for FHA financing vary by county. </span>You can easily find these limits online or you can contact an FHA approved lender to get more information on these limits. </span>FHA is not concerned with the value of your property. </span>It is possible to use an FHA secure mortgage to refinance a home if you owe more than the value of your property. </span>Your current lender will need to be willing to accept a short payoff, or the lender that you are using for the FHA secure loan must be willing to offer you a second mortgage to make up the difference. </span>If you currently hold a first and second mortgage and you would like to refinance with an FHA secure mortgage, the combined amounts of your first and second must be less that the FHA loan limits for your county.<br><br>About the Author<br><br>Mr. Adam Ferguson</strong><br><br>Adam Ferguson has developed an expertise in the financial services sector through education and experience. Mr. Ferguson has spent time in the sales divisions of Fortune 500 mortgage banking and insurance firms. Adam Ferguson's broad knowledge and concise understanding of consumers is critical to making FreeHomeRefi.com</a> the premier provider for consumer free refinancing</a> solutions. For information on refinancing online</a>, go to www.FreeHomeRefi.com</a>.
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