Who is FHA Secure helping…?

I wanted to give some “success” stories to allow you to gauge where you may fall in the very wide spectrum of borrowers that take advantage of the FHA programs. There are several benefits to government insured loans that many continue to find a mystery and thus fail to take advantage of them.

My borrowers are a young married couple that just recently closed on a FHA refinance. When I received their call I could hear the stress in Randy’s voice and as he recited his situation I could tell he had it well rehearsed due to telling it to numerous loan officers. He told me that he purchased their first home two years ago at an interest rate of 9% and that in a month it was getting ready to adjust. He speculated that the reason he was given such a high interest rate initially was because his and his wife’s credit scores were very low due to all the medical collections they had. His son was born with a severe illness and required many surgeries, as well as repeated doctor visits and rehab appointments. They described that as the bills continued to pile up it just became over whelming and seemed like there was no way out. The result was credit scores lower than what they were when they purchased the home (below 580 FICO).

Fortunately there were several factors that were working in our favor. Robert and Nancy got a really good deal on their home and had a significant amount of equity in the home, we were able to payoff all derogatory debt (including medical collections that they have been tackling for years), and their pre-payment penalty was up that month.

We closed the loan at 6.875% 30year fixed FHA loan and were able to save them $500 a month by consolidating all of that bad debt they were struggling to pay. This couple had a new start to their financial future!! They were elated and very thankful for the program.

The point I am trying to get across here is that there is no harm in trying, when it comes to the wellbeing of your family. I know these days all you are hearing in the news are discouraging statistics about foreclosures and adjustable rates that are destroying American’s household finances, but there are many untold stories where your neighbors have found answers because they did not give up.

I am here to do all I can to help you find the answers to your mortgage needs and I hope that I can add your family to my many success stories!

– Mona

Due to the growing nature of this blog, I have started featuring some of the other Home Loan Experts that I work with — and Mona Dunbar is our first contributor! Mona can be reached at mona.dunbar(at)AssurityFinancial(dot)com and is actively involved in helping many of the people that I work with. You can also learn more about Mona here.