HUD Extending FHA Secure Program?

The Department of Housing and Urban Development wants to extend the 'FHA Secure' program past its December 31 sunset date and is seeking approval from the White House budget office. "We are in discussions right now with the White House," Federal Housing Administration commissioner Brian Montgomery told MortgageWire. He noted the FHA Secure program has certain nuances and flexibilities that complement the newly launched 'Hope for Homeownership' program, which Congress created to help more distressed borrowers refinance into FHA loans. FHA Secure was launched in September 2007. To date the program has helped 375,000 borrowers with subprime, payment option ARMs and even conventional mortgages refinance into safer and less expensivee FHA products. In July, HUD expanded the program to help delinquent borrowers refinance into FHA loans. The National Association of Realtors and Mortgage Bankers Association support an extension of the FHA Secure program.