President Bush recently announced the FHASecure plan to assist home owners avoid foreclosure because of their adjustable rate mortgage payments increasing beyond their means. Let's focus on the key points of the plan, and try to determine if it can help you stop bank foreclosure. The new refinance program requires borrowers meet five general FHA loan guidelines. These are:

1. A history of on-time mortgage payments prior to their teaser rates triggering to a higher interest rate;

2. Interest rates must have or will reset between June 2005 and December 2009;

3. The new refinance loan must not exceed 97% of the home's appraised value;

4. At least a two year employment history in the same or related occupation;

5. Sufficient verifiable income to make the new mortgage payments.

Most likely these loans will be underwritten to meet all relevant Federal Housing Authority guidelines. These include, but are not limited to: the borrower's income being verified with the most recent two-year's tax returns and W-2's. Borrowers to provide current computer generated pay stub showing year-to-date earnings. Assets verified by bank and investment statements. Middle credit scores must typically be 585 or higher. Bankruptcy discharged at least two years with perfect re-established credit. And, of course, any other FHA loan requirements the agency deems needed.

Currently the proposed plan will have loan limits up to $417,000.00. Property taxes and hazard insurance will be required to be escrowed, and in the monthly payment along with the agency's mortgage insurance premium. This premium will be determined based upon a risk assessment of the borrowers, and it will vary in amount. There will be no pre-payment penalty.

These general guidelines are by no means meant to present the program in depth, but, rather, are intended to provide enough information for you to understand one option available to you if your current mortgage is now, or may be in the future, in default. The author's intent is to help you determine if the FHASecure plan will help you stop bank foreclosure.

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