(877) 741-3281 ext. 5356
October 28, 2008
FHA HELPS MORE THAN 21,000 NORTHWEST FAMILIES FIND RELIEF FROM HIGH-PRICED MORTGAGES
Almost $4.4 Billion in FHASecure Mortgages Closed in Alaska, Idaho, Oregon & Washington Since September 2007
SEATTLE - The U.S. Department of Housing and Urban Development reported today that more than 21,000 families
in Alaska, Idaho, Oregon and Washington at-risk of losing their homes due to high cost mortgages have refinanced into fixed-rate, FHASecure mortgages.
Through September 30, 2008, FHASecure had closed on 893 refinances in Alaska, 3,383 refinances in Idaho, 5,712 refinances in Oregon and 11,620 in Washington. The total dollar value of the 21,608 FHASecure mortgages in the Northwest was $4.392,280,752. (See county-specific data below).
To date, some 400,000 families nationwide have refinanced through FHASecure program since September 2007.
"Thanks to FHA's expanded programs, thousands of families in the Northwest now have peace of mind knowing
they have a stable, more affordable mortgage," said HUD Secretary Steve Preston. "Today, we are proud to say
that FHA has helped more than 20,000 families in Alaska, Idaho, Oregon and Washington and some 400,000 families nationwide keep their homes while also creating greater liquidity in the mortgage market."
FHASecure Refinancings in Selected Counties - September 2007 through September 2008
FHASecure Mortgages Closed
|Dollar Value of FHASecure Mortgages|
FHASecure is a refinancing option that gives homeowners with non-FHA mortgages, current or delinquent and regardless of reset status,
the ability to refinance into a fixed-rate, FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify borrowers
because they are delinquent on their loans, and the lender may
offer a second mortgage to make up the difference between property value and what the borrower owes.
FHASecure mortgages were designed to help borrowers whose adjustable rate mortgages either have or are about
to reset, including homeowners with adjustable rate subprime mortgages who can no longer afford their mortgages and missed up to three monthly mortgage payments over the past 12 months. Rather than go into foreclosure,
eligible borrowers can refinance with FHA and lenders can voluntarily write down outstanding subprime mortgage principal balances.
Under the Housing and Economic Recovery In October 2008, HUD also launched the HOPE for Homeowners program
to refinance mortgages for eligible borrowers who are having difficulty making their payments, but, after a write-
down in principal, can afford a new loan insured by HUD's Federal Housing Administration (FHA).
Since its creation in 1934, FHA has helped more than 35 million families become homeowners. Nationwide, the
number of mortgages insured by FHA was nearly three times higher in the third quarter of calendar year 2008, compared to the same time last year. By requiring full income and employment documentation, FHA products are underwritten to ensure borrowers have the ability to repay the loan. FHA also continues to offer unprecedented
loss mitigation assistance to homeowners.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities;
creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the
Internet and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.