| There are many myths about FHA secure loans. It is | | | | on your mortgage. Late payments are allowed if your |
| time to clear up the ambiguity and let the homeowners | | | | adjustable rate mortgage has recently reset. This is |
| of America know exactly what can and cannot be | | | | considered a payment shock. Homeowners that are |
| done with an FHA secure mortgage. There is a lot to | | | | currently in foreclosure are also eligible for an FHA |
| go over, but if you are upside down on your home, | | | | secure mortgage; depending on how much equity |
| behind on your mortgage payments, in foreclosure, | | | | remains in the home and several other factors. |
| have an adjustable rate mortgage, or have a first and | | | | Homeowners in foreclosure should always try to work |
| second mortgage on your home then you may benefit | | | | with their current lender but it may be possible to |
| from an FHA secure mortgage. | | | | obtain FHA financing and save your home. |
| The Late Mortgage Payment | | | | FHA Loan Limits |
| If you are like many homeowners you have been late | | | | The loan limits for FHA financing vary by county. You |
| on some of your mortgage payments recently. You | | | | can easily find these limits online or you can contact an |
| may even be up to 90 days or more behind on your | | | | FHA approved lender to get more information on |
| mortgage payment. The FHA secure program does | | | | these limits. FHA is not concerned with the value of |
| not have any requirements for late payments. What | | | | your property. It is possible to use an FHA secure |
| does this mean to you? Late mortgage payments do | | | | mortgage to refinance a home if you owe more than |
| not eliminate your chances of obtaining a loan with this | | | | the value of your property. Your current lender will |
| program. In fact, there is no limit on the number of late | | | | need to be willing to accept a short payoff, or the |
| payments or past due payments that are allowed. | | | | lender that you are using for the FHA secure loan |
| Keep in mind that you do not have to be past due on | | | | must be willing to offer you a second mortgage to |
| any payments and you do not have to have any late | | | | make up the difference. If you currently hold a first and |
| payments. Late payments do not play a major role in | | | | second mortgage and you would like to refinance with |
| your ability to qualify for an FHA secure mortgage. | | | | an FHA secure mortgage, the combined amounts of |
| There is one limit on late payments. If you currently | | | | your first and second must be less that the FHA loan |
| have an interest only mortgage you must be current | | | | limits for your county. |