The New FHA Secure Refinance - Frequently Asked & Answered Questions

These questions are frequently asked about the new FHA Secure loan. Keep in mind that there is no way any website can answer all of your questions about any one particular loan program much less know all of the different solutions available to you. This website and a thousand others cannot take the place of a 10 minute conversation with a well trained, well seasoned loan specialist. So before you go away pick up the phone and call 678-946-0100. We will NEVER pressure you and we will treat you with dignity and respect. It's why even Project Hope Now refers callers directly to us.

DO I QUALIFY? Use this simple online evaluation engine to see if you qualify for the new FHA Secure Refinance. CLICK HERE

1. My loan is not an adjustable rate, the rate is just too high. Can I qualify?
2. I have missed payment other than my mortgage payment in the last few months. Can I qualify?
3. My payoff is higher than the value of my home. Can I qualify?
4. The reason I am behind on my mortgage is because I had to take a new job where my pay is lower and I just cannot afford the payments. Can I qualify?
5. I heard Down Payment Assistance was eliminated with the signing of HR 3221 the "Housing Rescue Bill" into law, is this true?

Answers

1. To qualify for the New FHA Secure refinance loan your existing loan must be an adjustable rate mortgage (ARM) whose interest rate adjusted up between June 2005 and December 2008.

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2. The New FHA Secure loan is offered to borrowers who have had good credit and made all of their payments before their interest rate started to adjust. Other than missed or late mortgage payments after the adjustment period on loans which adjusted between June 2005 and December 2008 the borrower can not have any 30 day late, missed payments, judgments or liens.

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3. To qualify for the New FHA Secure loan the property must have at least 3% in equity after the refinance is completed.

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4. To qualify for a refinance using the New FHA Secure refinance the borrower must demonstrate with documentation they can afford to make the new payments.

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5. Yes. Your federal government, at the behest of HUD and the Federal Reserve have found a place where wisdom, common sense and The American Dream all went in separate directions. Fortunately for you, Novation Mortgage still offers 97% financing with 3% Down Payment Assistance. In fact, if you live in an area designated as "rural" you may borrow 102% of the sales price. If you cannot grasp why this is a good idea call me. Toll free. My name is Ken Cook and the number is 866-946-0120 and I am at extension 101. Simple enough?

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Nothing in this website should be considered investment advice. Users of this website should consult with their own attorney, broker, or other financial advisor prior to making any investment. Novation Mortgage, LLC and its owners, partners, principals, employees, associates, contractors nor assignees, shall have no liability for investment decisions made by any user of this website based upon the information contained on this website.