FHASecure or Federal Housing Administration Secure was first launched in August this year. FHAsecure allows borrowers ( mainly defaulting borrowers) to switch to low, fixed-rate mortgages after they fell behind on payments because their adjustable (floating rate) rate mortgages reset to higher, unaffordable levels.
FHASecure is a great program and was envisioned as a foreclosure prevention tool to help an over 80,000 homeowners on the verge of losing their homes. FHAsecure offered refinanced loans to families with strong credit histories who were paying off their mortgages before their loans reset.
FHASecure will help homeowners who can no longer afford their mortgages and missed up to three monthly mortgage payments over the past 12 months.
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