FHASecure Frequently Asked Questions for Homeowners

FHASecure Frequently Asked Questions for Homeowners

There have been many questions about the FHASecure Refinance--what it may or may not do for you. When first proposed we believed it would require the homeowner to be in default--have missed payments--and we now know that is not accurate. As the details emerged we also learned the existing loans did not have to be FHA insured loans.

Thing that do apply are the FHA lending limits and FHA borrower qualifications. The property can even be refinanced out of foreclosure even if the property is worth less than the existing mortgage payoff. This will require a short payoff from the existing mortgagee or a second loan held until the borrower can pay that off, too.

As with any loan it is impossible for you to fully understand the complete power or limitations of the FHASecure Refinance just by reading a blog posting. I encourage you to call a local FHA Lender (don't be fooled into believing just because you call a bigger more national lender that you'll get better treatment or better pricing--that probably is not true nor likely).

Copyright(c)2007 Ken Cook - Director of Operations for Novation Mortgage - your local Georgia and Florida FHASecure Refinance Lender--Novation Mortgage--at 678-946-0100