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Is FHA Secure a Bad Credit Mortgage?
Is it the Foreclosure Refinance?
These are two very popular questions I've been getting about the FHA Secure Short Refinance Loan so let's look at these mortgage questions one at a time.
Is FHA Secure a Bad Credit Mortgage?
No - I help homeowners all the time fit into the FHA Secure Short Refinance Loan who have flawless credit and 700 plus credit scores. The key here is to be able to prove that your current mortgage is causing an undue financial burden and will eventually push you into a situation where foreclosure is a posibility. Please keep in mind you do NOT have to be late on your mortgage, or other credit, to qualify.
Is FHA Secure the Foreclosure Refinance?
The FHA Secure was created to help prevent foreclosure through helping homeowners who are faced with foreclosure being a real possibility. According the HUD there is no limit to how far behind a homeonwer can be and still qualify for the FHA Secure Loan. While a Foreclosure Refinance is possible under FHA Secure it is highly recomended that you talk with and open communications with your current lender if you are in this situation. If you are in foreclosure you should also speak with a HUD approved housing counselor. You can find them here.
In Summary
The FHA Secure is also known as the Short Refinance and is helping homeowners who are faced with the real possibility of foreclosure and also those whose adjustable rate mortgages have reset or are soon going to reset and cause a severe financial hardship. FHA Secure is referred to as the Short Refinance Loan because many times, the amount you owe on your mortgage is not as high as your home value. This results in the lender taking a short payoff similar to a short sale.
Please contact me through this website or
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if you are considering a short refinance.
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