FHA to the Rescue with FHASecure Refinance Program
1 - You must have had good payment history prior to your interest rate adjusting.
2 - The mortgage rate "reset" or adjustment must have happened after June 2005 and up to December 2009.
3 - There must be at least 3% equity in the home. (here is a real estate equity calculator)
4 - You must have a history continuous employment.
5 - You must have sufficient income to afford the new mortgage payment.
Some additional notes regarding qualifying for this FHA program.
- Your new mortgage amount cannot exceed the maximum FHA loan limit in the area.
- Stated income loans are not allowed.
- You do not need to be behind on the mortgage currently in order to qualify for the FHASecure program.
This is an excellent opportunity for those caught by rising rates of their subprime mortgages adjusting. Here are some mortgage calculators to help you determine an estimated adjustment of your 2/28 mortgage or 3/27 mortgage.
View a copy of the original release from HUD.