Recently it was announced that the FHA Secure program has helped over 100,000 homeowners since it was announced. There has been much said about how the FHA Secure program may not be helping as many people as it was intended for, but if this recent announcement is any indication, the FHA Secure program is seemingly very active as an FHA refinancing option for people who can qualify.
From the press release:
February 26, 2008, WASHINGTON - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that HUD's FHA Secure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure. Since September 2007, FHA Secure has enabled tens of thousands of families - who are current on their home loans or past due because their teaser rates reset - to close on loans refinanced through HUD's Federal Housing Administration (FHA), which is backed by the full faith and credit of the government.
The following is a statement by Secretary Alphonso Jackson:
"FHA Secure has helped more than 100,000 families stay in their homes. Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans. They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHA Secure offers.
FHA Secure has given homeowners an opportunity to hold onto their American Dream without putting their financial future at risk. Over the past five months, FHA Secure has helped about 500 families a day close on their new government-backed loans.
Hundreds of people are taking advantage of refinancing into a safer, more secure FHA-backed loan everyday. From September to December 2007, FHA helped pump nearly $45 billion of much-needed mortgage activity into the housing market, more than $13 billion of which was through FHA Secure. FHA Secure remains on pace to offer refinancing to 300,000 families by the end of this year who are making on time payments or cannot afford their payments now that their teaser rates reset."
