FHA to implement new “FHASecure” refinancing product

Published: September 4, 2007, 3:09 pm

Tags: fhasecure, fha, fhasecure, teaser

BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES FHA to implement new FHASecure refinancing product WASHINGTON - President George W. Bush today announced that HUD’s Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing. In addition, FHA will implement risk-based premiums that match the borrower’s credit profile with the insurance premium they pay-i.e., riskier borrowers pay more. This common-sense, risk-based pricing structure will begin on January 1, 2008. (more…)FHA, FHASecure ---Related Articles at Consumer Mortgage Reports:Bush's FHASecure May Only Reach 10 Percent of At Risk Subprime BorrowersPresident's

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