Has Your Adjustable Rate Mortgage (ARM) Put You in a Financial Bind? Are you one of the more than 240,000 homeowners who were lured into a sub-prime ARM at a wonderfully low start rate in the past few years? Has it re-priced yet, or is it about to, at a much higher rate that you cannot afford? The Federal Housing Administration (FHA), the original sub-prime home mortgage lender (since 1934), has just introduced a special program for you that gives you the opportunity to rid yourself of a loan you cannot afford and save your home from future foreclosure.

On Aug. 31, 2007 the Bush Administration and FHA unveiled a new mortgage lending program, FHASecure, which is designed to help homeowners who got one of the ARMs with very low start rates, but are now threatened with financial disaster. You are probably aware that homeowners in the U.S. are facing a record number of delinquent mortgage payments and home foreclosures. An FHASecure mortgage loan can help you right now if you need one!

First, you should understand what FHA does:
It does not make mortgage loans; it approves lenders and insures the loans they make. For over 70 years, FHA-insured mortgage loans have helped first-time homebuyers and those with little cash for down payments become homeowners. They were pushed to the background in recent years during the flurry of exotic ARMs with very low “teaser” rates. FHA is not only back on the playing field, but they have developed this special program, FHASecure, for homeowners who now may be at risk of losing their homes. Housing and Urban Development (HUD) Cabinet Secretary, Alphonso Jackson, recently proclaimed, “FHASecure will bring stability to the housing market and give eligible families, who were in good financial standing before their loans reset, a chance to keep their homes.”

Let FHA and ENG Lending Help You Get a Mortgage Loan You Can Live With!

Some ARM interest rates have doubled or tripled at their re-pricing date in recent years. If you have become the less-than-proud owner of one of these ARMs, you might be concerned about your ability to make these new, higher monthly payments. FHASecure may be perfect for you! There are only five basic FHA loan requirements to qualify for this special, possibly financial life-saving program:

--You should have a history of making your mortgage payments on time BEFORE your original “teaser” interest rate expired.
--Your ARM interest rates must have reset.
--You should have sufficient equity in your house.
--You have a verifiable and consistent history of employment or other regular income.
--You have sufficient income to make your new FHASecure mortgage payment without putting stress on your family budget.

FHA does NOT offer low “teaser” rates, nor do they have “creative” or confusing rate increase terms in their loan specifications. What you see is what you get. Totally honest and up front. Here is another wonderful feature of an FHASecure mortgage. There is NO MINIMUM CREDIT SCORE REQUIRED to be approved for this loan. If you have less than perfect credit, you’re still eligible for an FHASecure mortgage loan.

Are you already delinquent on your current mortgage loan? Not only can you still qualify for an FHASecure mortgage loan, but you may be allowed to include the amount you are behind on your current ARM in your new loan. ENG Lending can help you navigate this exciting new mortgage loan program to get the result you want: approval! If you believe this new FHA loan program could help you, be sure to deal only with FHA mortgage experts, like ENG Lending, to help you assemble your information and correctly apply for this exciting new loan.

How to Successfully Apply for an FHASecure Mortgage Loan Refinance

The major factor in getting approved for an FHASecure mortgage loan is meeting the criteria noted above. This is not a government giveaway program. It is designed to help the almost quarter of a million homeowners who have suffered, or are about to suffer financial hardship because of ARM loan re-pricing. It is to your strong advantage to enlist an expert, like ENG Lending, to “package” your loan application correctly.

Remember, if you are a delinquent on your loan now, you must show that you made your payments on time when you still had your low “teaser” interest rate. You also need to have 3% cash or equity in your home. While you may at first disregard this as an important issue, you should be aware that we are in a period of declining real estate values. A home that was worth $X in 2005 may only be valued at $X-minus some dollar amount in 2007, as the fair market value (FMV) of many houses in the U.S. has declined. FHASecure loans include another helpful provision that could fix this problem, should it exist for you. FHA will allow you to get a second mortgage from your current lender or the FHA-approved lender making this loan for the amount of your delinquent payments, closing costs and/or prior secondary financing you got to close your current non-FHA mortgage loan.

Also remember that you need to show a consistent history of gainful employment and display sufficient income to meet your new FHASecure mortgage loan payments going forward. Sporadic employment and inconsistent income levels, as always, could jeopardize your ability to be approved for this new mortgage loan.

As you can see, the FHASecure mortgage program may prove to be a financial life-saver for you if you have fallen victim to the large interest rate increases of some exotic ARM loans offered in recent years. Because this program is so new and has a few additional conditions that must be satisfied, you should consider getting expert advice and application assistance from a proven mortgage expert with a strong record of success helping borrowers get the mortgage loans they want. ENG Lending will give you the help you need to submit a complete mortgage application leading to an approval. Use the experience and expertise of ENG Lending professionals to help you pay off a troublesome loan and get you a mortgage loan that will help you get a good night’s sleep for a change – and put some change back into your bank account!