Throughout the United States an estimated 1 million to 3 million adjustable rate mortgages are expected to be reset within the next year. Roughly 500,000 of those are projected to enter foreclosure proceedings (according to HUD spokeswoman Kristine Foye). Across the nation FHA secure is expected to help refinance 80,000 to 240,000 mortgages at lower rates — giving stretched homeowners some breathing room.
I really want to emphasize; if you are not sure you can qualify for this program, or what it would do to your payment – call and ask.
Call and talk to us or any other lender experienced in working with FHA loans – it’s worth the call, it’s free, there’s no obligation – it may help you out more than you thought possible. Mortgage terminology can be confusing and misleading to those not experienced with the industry, instead of trying to figure it out – call or e-mail.