Check with your local lender to see if you qualify for the new FHASecure program which was recently created to provide a fixed-rate refinance for homeowners who are 1-6 months in arrears due to a rate reset. The purpose of the program is to keep good borrowers out of foreclosure. To qualify, you must have been current (less than 30 days late) on all your payments for the six months before the interest rate was increased. Also, you must have equity in your home of at least 3%. This means you won't qualify if you are "upside-down".
Think about this now because the market could get worse!Linda Carpenter, MBA, SRA (FHA Appraiser FLRD789