According to a recent HUD press release, FHA's expansion of its programs and guidelines have helped many people save their homes.

According to FHA, these significant things have been done to help people refinance into an FHA mortgage.

  • August 2007 - President Bush launches a new initiative at HUD's Federal Housing Administration (FHA) called FHASecure to help hundreds of thousands of struggling homeowners - especially low-income families and minorities - avoid foreclosure. This product expanded FHA's ability to offer refinancing to homeowners who have good credit histories, but cannot afford their mortgage payments after their teaser rates reset.
  • May 2008 - FHA helps 200,000 families refinance their mortgages since September 2007.
  • July 2008 - FHA expands FHA Secure to help homeowners with adjustable rate subprime mortgages who can no longer afford their mortgages and missed up to three monthly mortgage payments over the past 12 months. Rather than go into foreclosure, eligible borrowers can refinance with FHA and lenders can voluntarily write down the outstanding subprime mortgage principal balances.
  • August 2008 - FHA helps 300,000 families refinance their mortgages since September 2007.
  • October 2008 - HUD launches the HOPE for Homeowners program to refinance mortgages for eligible borrowers who are having difficulty making their payments, but, after a write-down in principal, can afford a new loan insured by HUD's Federal Housing Administration (FHA).
  • October 2008 - FHA helps 400,000 families refinance their mortgages since September 2007.
According to HUD Secretary Steve Preston:

“Thanksto FHA’s expanded programs, hundreds of thousands of families now havepeace of mind knowing they have a stable, more affordable mortgage,”said Preston. “Today, we are proud to say that FHA has helped more than400,000 struggling families keep their homes while also creatinggreater liquidity in the mortgage market.”

Can an FHA loan help you?  Contact me today to find out.