FHASecure To Be Revised?
February 22nd, 2008
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An excellent site, Financial-Planning.com is reporting that HUD has begun to rethink the FHASecure mortgage program.
The program has certainly had vast claims of success. Speaking in Florida earlier this month, HUD Secretary Alphonso Jackson said “FHASecure, which refinances mortgages that are current or past due, has been able to assist over 76,000 Americans since last fall, including nearly 3,000 in Florida.”
Financial-Planning.com now reports that:
___A total of 5,638 applications from delinquent conventional borrowers have been received since the program was announced by President Bush on August 31st.
___ A total of 1,487 delinquent borrowers have been able to refinance through the FHA. These are the very borrowers most likely to face foreclosure and also the borrowers that FHASecure was supposed to help.
The site also says that “the Department of Housing and Urban Development, which oversees the FHA, has circulated several internal proposals that would relax the program’s requirements to make more borrowers eligible for refinancing.”
This would be great. Everyone wants HUD to do well with this program and the only way FHASecure can be expanded is to make qualification requirements more realistic.
For the full article, please see: HUD Mulling How to Widen FHA Refi Net
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on Friday, February 22nd, 2008 at 3:30 am and is filed under FHA, FHASecure.
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