FHASecure Mortgages

A brief overview of the guidelines set down by FHA to qualify for the FHASecure Mortgage is as follows:

1. Your present mortgage is a non-FHA adjustable rate product that has reset to a higher interest rate.
2. Due to the resetting of the rate, you are not financially able to make your mortgage payment.
3. You have been current on your mortgage payment, for a minimum of 6 months, prior to the resetting of your mortgage rate.
4. Verification you have sufficient income to make the new mortgage payment after the refinance.

Expect to pay a slightly higher interest rate on this type of loan as opposed to a straight forward refinance with FHA; approximately 1/2% to ¾% higher in rate.
I am stressing the guidelines for this type of refinance due to my concern that unsuspecting borrowers will be told they need to apply for an FHASecure mortgage just so brokers can make more money on the transaction. Investors charge a higher rate to mortgage brokers for this type of FHA program, which justifies the slightly higher interest rate being offered.
If you find you are being quoted an interest rate above the average going rate at this time for FHA loans, please call me immediately and set up an appointment so we can discuss an alternative for your financial needs.

Denise Wing, C.E.O.
Academy National Mortgage Corporation
Certified Mortgage Lender
303-987-0622
dwing@academynational.net