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).
