Comments on: FHASecure: A Helping Hand for Those Who Did Not Refinance in Time http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-331538 Rhonda Porter Fri, 09 Jan 2009 22:29:16 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-331538 FHA Secure is no longer available effective for case numbers issued after December 31, 2008: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-41ml.doc FHA Secure is no longer available effective for case numbers issued after December 31, 2008: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-41ml.doc

]]> By: Rhonda Porter http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-328022 Rhonda Porter Thu, 06 Nov 2008 05:39:42 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-328022 Sandy, I have yet to do a FHA Secure mortgage...so I'm not sure. I want to say that it will probably be difficult if he's received a NOD (I'll verifiy this). I do know the rates for FHA Secure are significantly higher than standard FHA (2.5 hit to fee) and that the debt-to-income ratios for FHA Secure are 31/43. Even if he didn't have a NOD, the underwriter must determine that he has the capacity to make future mortgage payments and meet his other obligations. Here are some additional requirements for FHA Secure w/a delinquency: ~evidence that the payment history the 6 mos prior to reset had no payments outside the month due OR ~evidence that the payment history has no more than 1x60 late payment or 2x30 late payments in the last 12 months OR ~evidence that the payment history has no more than 1x90 or 3x30 late payments in the last 12 months. ~Include evidence of partial forbearance, if applicable. I strongly recommend that your brother seek the help of a qualified attorney. Sandy, I have yet to do a FHA Secure mortgage…so I’m not sure. I want to say that it will probably be difficult if he’s received a NOD (I’ll verifiy this).

I do know the rates for FHA Secure are significantly higher than standard FHA (2.5 hit to fee) and that the debt-to-income ratios for FHA Secure are 31/43. Even if he didn’t have a NOD, the underwriter must determine that he has the capacity to make future mortgage payments and meet his other obligations.

Here are some additional requirements for FHA Secure w/a delinquency:
~evidence that the payment history the 6 mos prior to reset had no payments outside the month due OR
~evidence that the payment history has no more than 1×60 late payment or 2×30 late payments in the last 12 months OR
~evidence that the payment history has no more than 1×90 or 3×30 late payments in the last 12 months.
~Include evidence of partial forbearance, if applicable.

I strongly recommend that your brother seek the help of a qualified attorney.

]]> By: Sandy Simmons http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-328021 Sandy Simmons Thu, 06 Nov 2008 05:06:08 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-328021 Hello Rhonda. I'm a CA mortgage broker wanting to help my brother who lives in WA. He has an NOD filed with Saxon and we're trying to see if FHA secure will work for him. He is trying to do a mod with them but they are less than interested in moving quickly. He has a ton of equity but just can't make the pmts. He was doing OK at the first reset but now the second has killed him. Does your company consider these deals when the NOD has been filed? Thanks for your response. Hello Rhonda. I’m a CA mortgage broker wanting to help my brother who lives in WA. He has an NOD filed with Saxon and we’re trying to see if FHA secure will work for him. He is trying to do a mod with them but they are less than interested in moving quickly. He has a ton of equity but just can’t make the pmts. He was doing OK at the first reset but now the second has killed him. Does your company consider these deals when the NOD has been filed? Thanks for your response.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-323925 Rhonda Porter Wed, 27 Aug 2008 23:50:33 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-323925 woops...looks like my drowning piggy bank photo is gone! I just linked this post to one I wrote about <a href="http://www.mortgageporter.com/reportingfromseattle/2008/08/fha-mortgage--2.html" rel="nofollow">increasing mortgage insurance w/FHA effective 10/1/2008</a>...I'm only mentioning the piggy bank because of comment 12. woops…looks like my drowning piggy bank photo is gone! I just linked this post to one I wrote about increasing mortgage insurance w/FHA effective 10/1/2008…I’m only mentioning the piggy bank because of comment 12.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-197939 Rhonda Porter Mon, 22 Oct 2007 22:43:33 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-197939 Ton, this is a national program. It's a refinance of a non-FHA ARM when the mortgage rate has adjusted. Loan Originators who can provide FHA mortgages should be able to offer FHASecure. It's vital that home owners contact a lender before they're in a foreclosure situation. Ton, this is a national program. It’s a refinance of a non-FHA ARM when the mortgage rate has adjusted. Loan Originators who can provide FHA mortgages should be able to offer FHASecure.

It’s vital that home owners contact a lender before they’re in a foreclosure situation.

]]> By: Ton Davis http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-197936 Ton Davis Mon, 22 Oct 2007 22:29:37 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-197936 Is this a nation wide program,and if so do the other realtors know about it ,and can it be of help to some one that was in forcolser. Is this a nation wide program,and if so do the other realtors know about it ,and can it be of help to some one that was in forcolser.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-186989 Rhonda Porter Sun, 30 Sep 2007 15:24:15 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-186989 Hi John, I'm licensed for mortgages for Washington State only. Hi John, I’m licensed for mortgages for Washington State only.

]]> By: John R. http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-186896 John R. Sun, 30 Sep 2007 08:10:47 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-186896 Do you provife refi in Las Vegas, NV area? My interest only ARM is going to reset next September 2008. Do you provife refi in Las Vegas, NV area?

My interest only ARM is going to reset next September 2008.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-179160 Rhonda Porter Mon, 10 Sep 2007 20:32:48 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-179160 Thanks, tj. No need to apologize. Thanks, tj. No need to apologize.

]]> By: tj http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-179142 tj Mon, 10 Sep 2007 18:25:07 +0000 http://raincityguide.com/2007/09/07/fhasecure-a-helping-hand-for-those-who-did-not-refinance-in-time/#comment-179142 Sorry but I just have to compliment you on your choice of visual illustrations. That drowning piggy bank is, though somewhat morbid an excellent analogy of the situation. Sorry but I just have to compliment you on your choice of visual illustrations. That drowning piggy bank is, though somewhat morbid an excellent analogy of the situation.

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