FHA Refinance
WASHINGTON - President George W. Bush announced that HUD’s
Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the newFHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.
The New Stimulous package is also looking to raise the FHA LOAN limits to help families in areas that have previously not had that option. This will allow for an FHA REFINANCE that will give families an option for low fixed rates.
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