ARM resets: consider the FHASecure loan program

If your ARM is resetting, and you fit within the FHA loan guidelines you may be eligible to refinance.

You can’t have been late for six payments preceding the ARM reset. But if you fell behind because your ARM reset was unmanageable, this could be good news.

The nice thing about FHA loans is that they are still available. The government guarantees them, so lenders still make them even though they are cutting back on other loans or not making them at all.

You also need at least 3% equity in your house. And you must prove you have enough income to pay the loan payments.

But this is good news if you fit the bill. I’m in favor of people working things out with their existing lender, but if that is not possible, consider the FHA refinancing program FHASecure.