The FHA (Federal Housing Administration) is in the process of making it easier for homeowners who have had credit issues to refinance their home loan. The new FHA Secure program will benefit homeowners who have fallen behind on their house payment due to taking out a variable rate mortgage.
This is great news for people who have been unable to refinance their mortgage due to late payments brought on by their interest rates adjusting and problems in the housing industry. You can compare interest rates and mortgage quotes free online to help determine the best lender for your mortgage refinance.
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I am a libertarian so it makes me leery every time I hear about the government getting involved in our private lives. Government should secure our boarders, protect our citizens, and manage national emergencies and that is all. Now that we have an emergency, it is time for the national government to help out a little and then get out. The mortgage crisis we are in is a direct result of greed on Wall Street and has nothing to do with our current administration.
This being said I, like many, have gotten into a mortgage with an attractive rate and an adjustable feature. The Bush administration did not make me sign the papers. I did this on my own. Now that a refinance is eminent, I am glad that there are options out there. I found a good site to get information on whats up over the weekend. Go to fhasecurehomeloans.com . It has the president’s message and information about who qualifies for the new guidelines. It looks like I qualify and I am considering taking out a 30 YR fixed rate. I will advise on how it goes.
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