An inside look at Chicago real estate

FHASecure and How Can it Help Struggling Homeowners

Mark.Miles By
Mark Miles
   | Home Ownership

Here’s the scenario: You buy a home and have been making your mortgage payments on time when suddenly your rate resets and increases so much you can no longer afford the new monthly amount. Now you are facing the possibility of foreclosure.

It is not a pretty picture, but it is one many Americans are familiar with these days. The Federal Housing Administration is taking action to reverse the detrimental effects these mortgage resets are having on U.S. homeowners who were responsibly paying off their loans before.

FHASecure is the government’s brainchild, meant to address this serious issue and help previously prompt payers regain control over their mortgage situation. It is basically a way to refinance to a lower rate and evade the risk of loosing your home.

There are some stipulations that must be met in order to apply for FHASecure. First of all, you must have an adjustable-rate-mortgage (ARM) that has already reset and is not already FHA insured. Second, you must have missed a payment. Thirdly, you must make enough income to reasonably afford the new monthly rate. Lastly, your previous record of payments must show you were punctual with your payments before the reset occurred. If you meet all of these conditions, you are eligible to refinance through the FHASecure program.

What does that mean to you? You will benefit from lower monthly mortgage payments that are a better fit to your budget. Homeowners who have proven themselves to be responsible and accountable deserve a second chance as far as the Federal Housing Administration is concerned. This is that chance, so take advantage of it.

For more information on FHASecure and how to apply, check out www.fha.gov.


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