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A way out?

Updated: March 24, 2011 12:22AM



President Bush ordered the creation of a new program within the FHA to help homeowners who fall behind on payment because their adjustable-rate mortgage payments jumped. Called FHASecure, it's designed to allow the FHA to refinance any ARM to an FHA-insured fixed-rate loan if the borrower -- even in foreclosure -- meets the following qualifications:

A history of on-time mortgage payments.

Interest rates must have or will reset between June 2005 and December 2008.

Three percent cash or equity in the home.

A sustained history of employment.

Sufficient income to make the mortgage payment. For more information, call (800) CALL-FHA or go to www.fha.gov



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