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FHA Refinance Loans, Help Families to Refinance Their Home

HUD’s Secretary Steve Preston announced that 400,000 families have refinanced their mortgages with HUD’s affordable mortgage insurance program. Since expanding its refinance program in September 2007, HUD’s Federal Housing Administration has helped more distressed homeowners keep their homes by utilizing FHA’s safe and affordable mortgage financing. FHA refinance loans is on pace to help 500,000 families by the end of this year.
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Below is a time line to show FHA’s progress and their fight to help families keep their homes:

* August 2007 -President Bush launches a new initiative at HUD’s Federal Housing Administration (FHA) called FHASecure to help hundreds of thousands of struggling homeowners, especially low-income families and minorities, avoid foreclosure. This product expanded FHA’s ability to offer refinancing to homeowners who have excellent credit histories, but cannot afford their mortgage payments after their teaser rates reset.
* May 2008 -FHA helps 200,000 families refinance their mortgages since September 2007.
* July 2008 – FHA expands FHASecure to help homeowners with adjustable rate subprime mortgages that can no longer afford their mortgages and missed up to three monthly mortgage payments over the past 12 months. Instead of going into foreclosure, eligible borrowers can refinance with FHA and lenders can voluntarily write down the outstanding subprime mortgage principal balances.
* August 2008 – FHA helps 300,000 families refinance their mortgages since September 2007.
* October 2008 – HUD launches the HOPE for Homeowners program to refinance mortgages for eligible borrowers who are having difficulty making their payments, but, after a write-down in principal, can afford a new loan insured by HUD’s Federal Housing Administration (FHA).
* October 2008 -FHA helps 400,000 families refinance their mortgages since September 2007.

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Tags: FHA,  FHA Mortgage,  FHA Refinance Loans,  fha secure,  HOPE,  HUD,  hud secretary Steve preston, 

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