Aundrea Beach-Greco Blog FHA Secure Program... Delinquent homeowners have choices... October 14th, 2008 10:10 AM The FHA Secure program is a temporary initiative to permit lenders to refinance delinquent adjustable rate mortgages (ARM) and/or offer new subordinate financing where the combined loan-to-value (LTV) ratio exceeds applicable FHA LTV and geographical maximum mortgage amount. The FHA Secure Program is only available on a 30 yr fixed rate. GENERAL REQUIREMENTS • The FHA Secure Expansion Loan is temporary initiative and the loan application can be signed no later than 12-31-08. • Allows for borrowers who are delinquent on their non FHA ARM’s due to an interest rate reset or extenuating circumstances but have experienced no more than Two (2) 30-day lates or One (1) 60-day late in the 12 months prior to the rate reset or extenuating circumstances that caused the delinquency. • Borrowers delinquent on an interest only or option ARM are not eligible - if borrowers have these mortgages they must demonstrate the rate reset caused the delinquency and they were making the payments 6 months prior to rate reset. • Current mortgage must be a non FHA fixed rate or adjustable rate mortgage. • Cash-out refinances are not allowed under this initiative. • Borrower must qualify under FHA guidelines • Subordinate Financing:  If the new loan is not enough to pay off the existing first lien, closing costs, and arrearages; a subordinate lien may be executed at closing to pay the difference. The new lien does not have to be supported by value. The combined amount of the first lien and any subordinated non FHA lien may exceed FHA LTV’s. • Max Loan limit in Clark County, NV is $400,000 Call or email me today for more information or to see if you qualify! 702.326.7866 | info@aundreabeach.com Posted by Aundrea Beach-Greco on October 14th, 2008 10:10 AMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment:         Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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