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FHA Secure home loans are one of the latest government mortgages to provide fixed rate solutions. FHA Secure was passed earlier this year as part of the Economic Stimulus Package.
FHA Secure is 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 mortgage.
As long as you are current on your mortgage and have sufficient income to make the mortgage payment, you are eligible for an FHA Secure home refinance.
If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the "recasting" of the mortgage to fully amortizing. The U.S. Department of Housing and Urban Development (HUD) Portal has informative FAQs that answer typical questions about FHA Secure.
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