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The FHA Secure Refinance program is administered to help homeowners who may face foreclosure, because of high monthly payments. The program will allow delinquent home borrowers to refinance Adjustable Rate Mortgages into a fixed rate FHA loan.
FHA Secure Refinance program is insured by the Federal Housing Administration. This is proven to be an important advantage. Your mortgage is insured by the government. Lenders tend to be more liberal, because the risk of loan default reduces significantly. Even if your credit history is less than perfect, you can still qualify for the loan. In fact, FHA does not have minimum credit score requirement, they just look at your overall credit history. Therefore, if you are one of the million homeowners who are facing foreclosure, FHA Secure Refinance program might be your answer.
Basic FHA Refinance Program Requirements:
- You must have a minimum of three percent cash in your home.
- Your loan must be a non-FHA ARM.
- Must have a sustained history of employment.
- Must have a history of on-time payments before the ARM is reset to higher rate.
- Must have a sufficient income to make monthly mortgage payment.
FHA Refinance Program comes with many advantages, but it probably can not help everyone. The program is designed to help home borrower with just a little assistance to cover the expensive ARM interest rate.
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