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FHA refinancing helps more than 325,000 families mortgage relief MortgagePress.comFHA, HUD, FHASecure, refinance loan, loan-to-value U.S. Housing and Urban Development Secretary Steve Preston today marked the one year anniversary of the Federal Housing Administration's (FHA) FHASecure refinancing program by announcing that more than 325,000 American families have turned to the FHA to get safe, affordable mortgage loans. "One year ago, the Bush Administration proactively provided an affordable safety net to homeowners who wanted to stay in their homes," said Preston. "Today, with the expansion firmly in place, hundreds of thousands of families are in a better place thanks to FHA." In August 2007, FHA modified its refinancing program, which is backed by the federal government, to help creditworthy homeowners who missed their mortgage payments as a result of the payment shock associated with interest rate resets. Previously, FHA was only able to refinance mortgages for homeowners who were making on-time payments. Upon learning about the safe, affordable products offered by FHA, thousands of families refinanced with FHASecure before they started missing mortgage payments or their loans reset. In July 2008, FHASecure further expanded its eligibility criteria to help homeowners who have gone into default as a result of temporary economic setbacks. "With FHA, families have peace of mind that their last payment is the same as their first payment. Expanding our mortgage insurance means more homeowners have a loan they can afford and there is greater liquidity in the mortgage market," said Assistant Secretary for Housing-Federal Housing Commissioner Brian D. Montgomery. Starting in July, FHA expanded its eligibility to the following categories of troubled homeowners: •Borrowers who are delinquent on their adjustable rate mortgages, but who were late on no more than two monthly mortgage payments over the previous 12 months are eligible for the standard 97 percent loan-to-value (LTV) FHASecure refinance loan; and •Borrowers delinquent on their adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months will be eligible for a 90 percent LTV ratio FHASecure refinance loan. FHASecure can help additional borrowers across the nation access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders can already voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA is also encouraging lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser. For more information, visit www.fha.com.