Quantcast

FHA Secure Refinancing: Foreclosure is a bigger threat than ever, but fortunately the FHA has stepped in to help with FHASecure Refinancing.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for August 4, 2021
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Secure Refinancing

Borrowers Benefit By Avoiding Foreclosure

FHA Loan Programs

The Federal Housing Administration (FHA) was established in 1934 to offer mortgage insurance on loans through FHA-approved lenders. The FHA insures mortgages on single and multi-family homes, and other approved purchases such as manufactured homes. The FHA does not issue the loans themselves, but FHA mortgage insurance is quite attractive for a prospective lender because FHA mortgage insurance protects the lender's investment. Should a homeowner default on the mortgage or go into foreclosure, the FHA pays the lender.

Loans insured by the FHA feature low down payments, and costs for FHA mortgage insurance are built into the mortgage payment. Those costs disappear five years into the loan or when the loan reaches 78% of the property value (whichever is longer).

Many homeowners with adjustable rate mortgages find themselves in financial trouble because of current interest rate increases. Foreclosure is a bigger threat than ever, but fortunately the FHA has stepped in to help with FHASecure Refinancing. An expanded FHASecure refinancing plan allows homeowners who have missed up to three mortgage payments in the last 12 months under certain circumstances to avoid foreclosure with FHASecure.

You don't need an existing FHA home loan to qualify for an FHASecure refinance loan - the program is designed to specifically to help those without FHA loans to get lower payments, prevent default and foreclosure, and protect their investment.

  • Homeowners with current or delinquent non-FHA adjustable rate mortgages are eligible.
  • You are not automatically disqualified based on delinquency on your current loan.
  • You must have a dependable income and be able to make your mortgage payment.
  • If you are in default, you must show delinquency or default is the result of increased interest rates and the resulting higher mortgage payments.
  • If you are current on your mortgage payments, any type of conventional loan is eligible for FHASecure refinancing.

In addition to these specifications;

  • "Those who are current on mortgage payments can refinance non-FHA fixed rate or adjustable rate mortgages. Those who are behind on their mortgage payments may only refinance adjustable rate mortgages.
  • "Borrowers may be required to verify their mortgage payment history through the mortgage servicer or with cancelled mortgage payment checks.
  • "Cash out refinancing" is not eligible under FHASecure.

FHASecure refinancing is available for single-family or multi-family homes and manufactured homes. A new FHA premium pricing plan went into effect on the same date the expanded FHASecure refinancing program began, July 14 2008. Borrowers should know this "second chance" refinancing does not indicate relaxed requirements for credit. Borrowers applying for FHASecure are subject to the same requirements as any other applicant for an FHA loan. Delinquency issues for mortgage payments aside, loan officers still require proof you are a good credit risk. Borrowers should;

  • Have steady income from a dependable source.
  • Show a reliable payment history on other debts.
  • Have a debt-to-income ratio below 41%.
  • Have a credit score appropriate for any home loan.

If you are need further explanation of the terms or conditions of FHASecure, be sure to ask your loan officer for clarification before you sign.

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA Loan Articles and Mortgage News

What Factors Affect FHA Loan Rates?

July 24, 2021 - ​What factors change FHA loan rates? Interest rates, in general, can fluctuate daily, and it can be difficult to know what to think when you see rates offered at one level from one lender, and at a higher or lower rate elsewhere. 

FHA Loan Calculators for Mortgage Borrowers

July 22, 2021 - How many mortgage calculators do you need? There are multiple versions and they all have an important function. Many seeking FHA loans won’t need to use all of them or even most of them. Sometimes you just need a little extra information for planning and saving purposes.

FHA Loan Rates: Things to Know

July 17, 2021 - The interest rate on your mortgage is an important aspect of your home loan--one you’ll want to think about as early as possible in your planning stages.  If you don’t run the numbers on how much your mortgage will cost over the lifetime of the loan, you’re at a disadvantage.

Benefits of an FHA Loan

July 14, 2021 - What are the benefits of an FHA mortgage loan? There are many things that borrowers may view as helpful, more than may be viewed as pro-consumer, but what are the actual benefits of an FHA mortgage over other types of home loans?

FHA Mortgages vs. Fannie Mae Home Ready Mortgages

June 18, 2021 - When exploring home loan options, some borrowers want a loan that has the lowest upfront costs possible. This makes sense if money is tight, or when a borrower has goals for their money and a down payment would hurt those plans.