The
FHA Secure Refinance Loan is a specialty product and I wanted to give some examples of what FHA can do for homeowners and what they have done recently to help borrowers.
- Subprime borrowers are paying an interest rats of 10% or more. Refinancing into an FHA-Insured mortgage can, on a $200,000 mortgage, save a qualifying borrower $3,000 to $4,000 in the first year.
- For the first five months of 2007, coneventional-to-FHA refinancing was up 94% from the same period in 2006. If this current trend continues, FHA will endorse over 100,000 conventional-to-FHA refinancings in 2007, compared to 64,474 in 2002.
It's very important that the FHA Modernization gets passed. For FHA reform please visit
http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm
More on the FHA Secure to come.