I plan to make this on of the most comprehensive FREE websites to give homoewners unbiased inforamtion on the
FHA Secure Loan. Thousands of websites are starting to pop up and most are there just to gather your vital information and to make a quick buck. Not LoanSafe.org! You can guarantee you will get the right information with no tricks or bait and switch tactics that got us into this mortgage mess in the first place. So, beware.
Here is some more information from the
FHA website.
"
FHASecure is designed for families who are good borrowers but were steered into high-cost loans with teaser rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "These homeowners, many of whom are minorities, need a safe, affordable mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."
"
FHASecure will also bring much-needed liquidity to the mortgage market. FHA anticipates more lenders will offer FHA-insured loans, pool them, and securitize them with the Government National Mortgage Association (Ginnie Mae), which has the full faith and credit of the U.S. government. This guarantee makes Ginnie Mae's mortgage-backed securities the safest on the market and helps to channel greater capital into the housing market, benefiting U.S. homeowners."
I believe that this program will not come close to beneftiting everyone, but it's a great start. I feel there will be more advancements and changes to help homeowners in the near future has congress places pressure on the lenders for change.
I'm a huge advocate for a massive
loan modification campaign of these ARM's to help save homeowners and our economy. This is not a bail out. It's fixing the mortgage screw ups over the last few years and saving face. So bail out critics need to get educated on what "REALLY" is going on before they report BS articles on the matter.
You can read more modifying your mortgage that in this
section of my forum. More on FHA again......................
"Since its inception in 1934, FHA has helped almost 35 million people become homeowners, making it the largest insurer of mortgages in the world. The 109th Congress introduced the Expanding American Homeownership Act in June 2006 which would enable FHA to be a safe option for more underserved low- and moderate-income and minority families so they can achieve the American Dream of homeownership."
Before the Subprime boom, FHA was the only game in town for people with tarnished credit to obtain a mortgage. Over the last 5 years they were pushed out of the picture by much easier loans and much easier money. Broker and lenders chose to go the easy route, stated income, 2/28 ARM's then to deal with FHA underwriting guidelines.
Now, the brokers that are left, are scrambling on the bandwagon and the next gold rush to make some quick cash. So, please beware and use ony approved seasoned lenders and brokers to work with.
" For more information about FHASecure and other FHA products, please call 1-800-CALL-FHA or visit www.fha.gov or www.hud.gov. For a list of your local homeownership center or a HUD-approved housing counseling center, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm"
I will be highlighting SAFE lenders for my readers and forum members to consult and work with in the next week. Thanks for all the phone calls and emails.