The housing market in America is currently is sad shape. With foreclosures at an all time high and property values dropping many people are at risk of losing their homes because they cannot refinance. Combined with the increased adjustable mortgage payments the tone has been set for large problems that will trickle through the entire economy. I order to help stop this problem from getting worse the bush administration mortgage help plan was developed.

How Can This Can Help You

The plan developed by the bush administration to help homeowners refinance their troubled mortgages is called the FHA Secure Initiative. This initiative will let homeowners refinance up to 97.75% of their homes current value. It will also allow borrowers with numerous 30 day late payments to qualify for refinancing as well. The catch to this though is that borrowers must have paid the mortgage on time and the mortgage rates can only have started when the mortgage rate adjusted upwards.

The FHA Secure plan differs from traditional FHA refinancing plans because it allows people to refinance their loans when their home is worth less then they owe. This is done by negotiating with the current lender and either having them agree to forgive the remaining balance or hold the difference in a second mortgage position. With many lenders bottom lines being affected by the rise in foreclosures many are eager to do what ever it takes to keep people in their homes and will work with the FHA Secure program.

However this program is not for people who cannot currently afford their homes because they were purchased with stated or no documentation loans and their incomes were inflated. You will still have to qualify within the standard FHA guidelines for debt to income ratios, these are generally no higher then 45%.

The Bush administration mortgage help plan can keep you in your home and help you get your financial life back on track. However not everyone will qualify so your first step is finding a mortgage professional that can help you with this program.

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