FHA-Secure
From Wikipedia, the free encyclopedia
FHA-Secure was an American Federal Housing Administration refinancing program to help borrowers avoid foreclosure. It was similar to other FHA loans.[1] The programme was launched in 2007 and was closed at the end of 2008.[2]
FHA-Secure was a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHA-Secure, the lender will not automatically disqualify the lender because they were delinquent on their loan, and the lender may offer a second mortgage to make up the difference between the value of your property and what was owed.