FHA Tip: FHASecure
Did you catch mortgagee letter 2008-13 that I sent out a few weeks ago?
The FHASecure program was designed to help borrowers who are facing Non FHA ARMS that are getting ready to reset.
FHA now allows the borrower to have had 2x30 or 1x60 days lates in the prior 12 months before the reset of the ARM.
FHA also allows: Borrowers who are delinquent on their non-FHA ARMs due to a rate reset or the occurrence of an extenuating circumstance but experienced no more than one 90-day late payment or no more than three 30-day late payments prior to the rate reset or extenuating circumstance that caused the delinquency provided the loan-to-value on the FHA insured first mortgages does not exceed 90 percent
Remember your upfront MI is different on this program. Please review Mortgage letter 2008-13 for complete details
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com