A way out?
Sep 10, 2007
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