FHA Mortgage Guide

As we have reported, HUD has disclosed that only 87 delinquent conventional loans were refinanced in the first two weeks of November, nowhere near the numbers anyone would expect given claims that more than 33,000 FHASecure loans have been issued.

Pat Purcell offers the following comment regarding our challenge for HUD to prove its FHASecure numbers.

“Perhaps if the correct information would get out to the public, more people in trouble could be helped…your conventional loan does NOT have to be delinquent to refinance into an FHA Secure loan..and it would be in the best interests of everyone if the media would stop reporting that the loan must be delinquent…FHA is probably correct in it’s numbers because FHA knows the correct information and so does the section of the public that goes onto it’s website and uses lenders who know what they are doing…if someone wants help, contact me at the above e-mail address and I will direct them to a Phoenix, AZ lender who DOES know what they are doing…thank you…”

Allow me to disagree.

The whole purpose of the FHASecure program is NOT to refinance those with good credit. The FHA program is already available for such borrowers. Instead, the sole and only purpose of the FHASecure program is to help those facing foreclosure.

Who says so?

How about HUD? It plainly says that “more than 33,000 borrowers have already refinanced their subprime home loans with FHASecure, a government-insured foreclosure avoidance initiative.”

Not a refinancing program, but a “government-insured foreclosure avoidance initiative” and NOTHING ELSE.

Check out these FHA resources for more information

This entry was posted on Sunday, December 30th, 2007 at 4:16 pm and is filed under FHA, FHASecure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.