Help may be available. The new FHASecure program offers a way out for homeowners struggling with higher mortgage payments as the result of an interest rate increase on their existing non-FHA adjustable-rate mortgage (ARM). You may be eligible for this loan even if you are currently delinquent on your mortgage payments. FHASecure, like all FHA products, will continue to offer unprecedented foreclosure prevention assistance. The FHA has never permitted and will not include pre-payment penalties or teaser rates that are common in exotic mortgages and have caused much of the current market troubles.

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

• A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset
• Interest rates must have or will reset between June 2005 and December 2009
• Three percent cash or equity in the home (In certain instances, your lienholder may accept 97% of current appraised value as payment in full of your current mortgage)
• A sustained history of employment
• Sufficient income to make the mortgage payment

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