Tuesday, September 11, 2007
Adjustable Rate Mortgage (ARM)
FHA’s new program, FHASecure, helps subprime borrowers with good payment histories and at least 3 percent in home equity refinance to a fixed mortgage loan.
The program put into effect by the U.S. Department of Housing and Urban Development (HUD) in mid-July – is one of the first tangible changes to come out of the federal government’s efforts to curb defaults in the subprime market.
The next two years are critical, with millions of ARM's scheduled to have their annual interest rate adjustment. Defaults are expected to rise significantly among subprime borrowers. To see if you qualify visit HUD’s Web site at: http://www.hud.gov/news/release.cfm?content=pr07-123.cfm&CFID=1775932&CFTOKEN=74094504
Remember you will have to have at least 3% equity in your home with good payment history. Good luck.
The program put into effect by the U.S. Department of Housing and Urban Development (HUD) in mid-July – is one of the first tangible changes to come out of the federal government’s efforts to curb defaults in the subprime market.
The next two years are critical, with millions of ARM's scheduled to have their annual interest rate adjustment. Defaults are expected to rise significantly among subprime borrowers. To see if you qualify visit HUD’s Web site at: http://www.hud.gov/news/release.cfm?content=pr07-123.cfm&CFID=1775932&CFTOKEN=74094504
Remember you will have to have at least 3% equity in your home with good payment history. Good luck.
Labels: ARM refinancing
