Guide Note

FHASecure is a loan used to refinance a mortgage into an FHA-insured program. It can be used by homeowners with subprime adjustable rates, regardless of whether they are current or delinquent.¹ A secondary loan can also be offered to make up the balance between current market value of a home and the amount owed on the original loan.

Fast Facts

1. Program launched in August 2007
2. Issued 200,000 loans by May 2008¹
3. Only 3,000 borrowers met the "endangered" criteria¹
4. Subprime adjustable-rate mortgage loans are only 7% of the market ²
5. Program directors hope to issue 500,000 loans in 2008²
6. Average savings through FHASecure: $400/month²
7. Those with a loan-to-value of 90% or less can still qualify for refinancing even if they have a 90-day late payment on their record ¹
8. Subprime adjustable-rate mortgages loans comprise of 42% of all delinquencies²