The government may revamp FHA loans to help more homeowners

Proposed changes may help to bring fresh air into the mortgage industry and help provide many home owners some financial relief. President Bush recently announced some potential changes to the FHA loan program that would be a substantial benefit to many home owners who need to refinance. The proposed program is being referred as the FHA Secure loan program and would be targeted to mortgage holders who have been unable to transition to a new higher loan payment after originally taking out a variable rate mortgage. Traditionally FHA or Federal Housing Administration insured mortgages had very strict guidelines as it refers to mortgage late payments. The new FHA Secure loan would allow someone to refinance if they were able to prove their late payments were a result of their house payment increasing due to their interest rate adjusting up. This should benefit many homeowners who have been caught up in the housing market challenges and mortgage credit crunch of late.

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