Fort Lauderdale, FL (PRWEB) February 28, 2008
Young & Associates Mortgage, Inc., a leading mortgage company in Florida, is currently working with all the major FHA banks to get ready for the new FHA mortgage products under the FHA Secure Program which was set up by President George Bush.
Before sub-prime existed people with less then perfect credit relied on FHA mortgages to buy and refinance their homes. Now that the sub-prime mortgages may be a thing of the past people are again turning to FHA mortgages to finance there homes. During the week of February 8 2008 the FHA reached out to 850,000 at risk homeowners who have not been able to meet there current mortgage obligations by letter. These letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages, and live within geographic locations that are currently subject to FHA loan limits nationwide. Currently, FHA can insure home loans valued between $200,160 and $362,790. Bipartisan legislation has passed both the U.S. Senate and U.S. House of Representatives that would increase the loan limits, allowing FHA to insure bigger mortgages in high-cost states. Once this bill is reconciled and signed by President Bush, approximately 250,000 more families could be helped this year at no cost to the taxpayer. The Bush Administration's Fiscal Year 2009 Budget seeks $38.5 billion for the U.S. Department of Housing and Urban Development, which represents a $3.2 billion or nine percent increase over the President's proposed budget for FY 2008 and $1 billion more than HUD's current budget authority.
After speaking to this Florida mortgage Company (YA Mortgage) they said they are gearing up to help those homeowners with the help of FHA loan programs available through them. They have already seen a huge request through there web site and current client base. They feel that it is really going to be almost like a save all for a lot of in trouble homeowners and are encouraging people who may not know about the programs available to them to start researching and asking questions. One Florida title insurance company also said that there FHA closings have also picked up. Can the government get this right with there FHA programs? We certainly hope so!
One of the products that the FHA is implementing is the "FHA secure refinance" this particular product that the FHA has implemented is design especially for helping people avoid foreclosure and has been signed in by President George Bush. The FHA secure refinance product is expected to help roughly 240,000 families who currently face foreclosure. Under the new FHA Secure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default, to qualify for refinancing.
About YA Mortgage
Young & Associates Mortgage has been a Licensed Florida Mortgage Lender since 1985. The company offers loans for Home Purchase, Home Refinance, Homer equity, construction, land and debt consolidation (Debt Relief).