FHS Loan Pros

With Alphonso Jackson suddenly ending his term as HUD Secretary all anyone can say is that “he will be missed.”

For example, it was Mr. Jackson who told us on Feb. 26th that “FHASecure has helped more than 100,000 families stay in their homes. Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans. They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHASecure offers.”

Isn’t that remarkable! More than 100,000 families! Not single people, of course, but families. And not just a few families, but more than 100,000 of them.

Meanwhile, during the first 15 days of March HUD refinanced 20,842 existing mortgages. Of this number, 6,188 were prior FHA cases and 14,412 were conventional-to-FHA conversions.

And how many delinquent conventional borrowers were able to refinance during the first half of March? That would be 242 borrowers, about five per state.

So far, in the fiscal year that began October 1st, HUD reports that 6,561 applications from delinquent conventional borrowers have been received — but far-fewer have actually resulted in new loans.

Sec. Jackson. He will be missed….

 

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