I have spent the last couple of months telling everyone who would listen that the new FHA Secure program would provide much needed relief for many Connecticut homeowners. For the most part it has offered some relief from the rising adjustable rate mortgage payments, but many home owners who have fallen behind on their home mortgage and are possibly facing foreclosure need more help. The biggest benefit of the FHA Secure program is that the program allows delinquent home owners to refinance their Adjustable Rate Mortgages. Prior to the FHA Secure program FHA did not look favorably upon delinquent homeowners.
There is no doubt that all of the adjustable rate mortgages may have caused thousands of Connecticut homeowners to become delinquent on their mortgage payments. It can also be argued that adjusting mortgages have lead to the record foreclosure rates all over the nation. The great feature about the new FHA Secure program is that homeowners will be able to refinance regardless of having previous delinquencies if the homeowners can prove that the late mortgage payments were caused by an increasing adjusting mortgage payment.
Connecticut homeowners can get qualified for the FHA Secure loans at the normal banks and lenders that you normally would get a mortgage. The FHA Secure program will provide mortgages at the current market rate and as can be expected will be insured by FHA. The FHA Secure mortgage will have to meet standard FHA underwriting guidelines and will require the traditional FHA appraisal. According to the new program guidelines homeowners will be eligible to refinance up to 97.75% of the total appraised value of their home. Additionally, there will be mortgage insurance as there is with any FHA mortgage program that is calculated based on the risk of the overall loan applicants.
Chris Rivers, a FHA Mortgage Broker, specializes in offering low FHA interest rates for refinance mortgages nationwide even if you have late payments on your mortgage. When you need to refinance your adjustable rate home mortgage into a fixed FHA rate mortgage with great credit scores then use a Connecticut FHA Mortgage
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