What is the FHA Secure refinance program?
Under the new “FHASecure” refinance program, FHA will allow families with acceptable credit histories who had been making timely mortgage payments before the interest rate on their adjustable rate mortgages reset-but are now in default-to qualify for refinancing to an FHA mortgage. The mortgage being refinanced must be a non-FHA Adjustable Rate Mortgage (ARM) and the interest rate has reset. • The homeowner is now delinquent in making payments on the mortgage after the reset. • The homeowner’s payment history must show that, prior to the reset of the interest rate on the mortgage, the homeowner was current in making the monthly mortgage payments, i.e., the homeowner’s mortgage payment history during the 6 months prior to the interest rate reset showed no instances of making mortgage payments outside the month due. • The homeowner has sufficient income to qualify for an FHA mortgage. If there is sufficient equity in the home, FHA will allow missed mortgage payments to be included in the
