Mortgage Payments: Difficulty Paying
FHA Secure
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FHA Secure is designed to help people who are good borrowers but were steered into teaser mortgage rates.
To qualify for FHA Secure, you must meet the following five criteria:
- A history of on-time mortgage payments before your teaser rates expired. You may even have missed several months of payments.
- Interest rates must have reset, or will reset, between June 2005 and December 2009.
- Offer a minimum of 3% cash or equity in your home.
- You have a sustained history of employment.
- You can prove that you have sufficient income to make the mortgage payment.
The package includes a premium you have to pay for mortgage insurance (which is supposed to prevent risks to the taxpayer of the program).
To learn more, see: www.fha.com/fha_secure.cfm or call: 866.733.0377.
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