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Thousands Have Switched to FHA Secure to Keep Their Homes Why Not You?
FHASecure allows homeowners with a history of on-time mortgage payments under their original interest rates, but who missed payments after their rates reset, to refinance into FHA's mortgage insurance program. Other families with high-cost mortgages and mortgages that are due to reset, but who are still current on their loans, may also be able to refinance through FHASecure.
HUD's Federal Housing Administration (FHA) is on target to insure more than a quarter of a million FHASecure home loans in Fiscal Year 2008, further evidence of FHA's commitment to homeownership and helping people safeguard their investment in the American Dream.
Since the creation of FHASecure, FHA insured refinancing has increased 125 percent over the past year, and is expected to increase even more in 2008 as more homeowners examine their mortgage options.
Why not you? Act now. Join the thousands who have already made the move to save their homes with FHA insured mortgages.
What are Government-Sponsored Entities?
Also known as government-sponsored enterprises or just GSEs, government-sponsored entities are financial service corporations with government charters.
GSEs generally provide lower interest rates for mortgages to specific types of borrowers such as first-time homebuyers, students, teachers, farmers, low-income homeowners, and veterans.
The more well-known GSEs include:
- Department of Veterans Affairs (VA)
- Federal Housing Administration (FHA)
- Federal National Mortgage Association (FNMA, also known as Fannie Mae)
- Federal Home Loan Mortgage Corporation (FHLMA, also known as Freddie Mac)
- Government National Mortgage Association (GNMA, also known as Ginnie Mae)
- California Housing Financial Agency (CalHFA)
More good news is that an additional 20,000 are in the pipeline and their approval is expected by the end of December. That will mean that in the first 4 months of the program, FHASecure will have helped 53,000 families and received more than 127,000 refinance applications from families whoes loans are current or past due.