The Federal Housing Administration on Wednesday released details of a new program called "FHASecure" that could help delinquent borrowers struggling with higher loan payments because of "resets" on their adjustable-rate mortgages.Mortgagee letter 2007-11 notes that the agency will only insure ARMs if the consumer was current on the payments prior to the rate reset. However, it will insure loan amounts that include the missed payments, provided there is enough equity in the home. Depending on the closing costs, the FHA said it will insure loans with loan-to-value ratios as high as 98.75%.
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