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Thousands of Floridian Homeowners Could Benefit from Government Mortgage Program |
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From HUD Press Releases: Thousands of Floridians are benefiting from a new government-backed mortgage refinancing resource, and many more can still be helped, U.S. Housing and Urban Development Secretary Alphonso Jackson announced today. Following a tour of Bank of America's government lending fulfillment center, Jackson highlighted HUD's FHASecure product and other efforts put in place by the Bush Administration for homeowners who need helping staying in their homes. It is targeted to families with subprime loans who have good credit and payment histories who want to refinance into a safer loan. For the first time, even if they're delinquent, these families are now able to qualify for an FHA loan," Jackson said in a speech to 300 Bank of America employees. FHASecure, which refinances mortgages that are current or past due, has been able to assist over 76,000 Americans since last fall, including nearly 3,000 in Florida. More than 90 percent of borrowers who refinanced from the subprime market into the FHA now have 30-year fixed rate loans with much lower monthly mortgages. Overall, FHA has seen a dramatic increase in business from homeowners trying to refinance out of their high-cost, high-risk subprime loans. The legislation has been passed by the U.S. House and Senate, but a final version has not yet been sent to the President for his approval. Jackson also said HUD is sponsoring foreclosure prevention workshops around the country, including tomorrow in Palm BeachCounty, for residents who need one-on-one assistance to help restructure their loans to keep their homes.
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