HUD: FHASecure product has helped 100,000 homeowners so far
March 3, 2008 by Deborah Boza-Va... commentWASHINGTON – Feb. 29, 2008 – U.S. Housing and Urban Development Secretary (HUD) Alphonso Jackson announced that HUD’s FHASecure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure.
Since September 2007, FHASecure has enabled families – who are current on their home loans or past due because their teaser rates reset – to close on loans refinanced through HUD’s Federal Housing Administration (FHA), which is backed by the full faith and credit of the government.
“Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans,” says Jackson. “They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHASecure offers.”
According to Jackson, FHASecure remains on pace to offer refinancing to 300,000 families by the end of this year.
© 2008 FLORIDA ASSOCIATION OF REALTORS®
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Posted in: Mortgage News
