Primary Residential Mortgage Helps ARM Resets through FHA
SALT LAKE CITY, UT — DECEMBER 4, 2007 — The U.S.Department of Housing and Urban Development recently released statistics corroborating the success of the FHA Secure program. Industry wide, approximately 33,000 borrowers have already refinanced their home through FHA Secure, which was announced in late September. Primary Residential Mortgage, Inc. (PRMI) has encouraged company-wide use of FHA loans, and in the month of November, PRMI helped over 200 borrowers finance FHA loans totaling more than $33 million, many of which incorporated the FHA Secure program.
"We are pleased to be able to help homeowners take advantage of the FHA Secure program," says David Zitting, CEO and President of Primary Residential Mortgage, Inc. "We anticipate that more and more borrowers will be seeking to take advantage of this program and have encouraged all of our branches nationwide to be eligible to offer these loans."
The FHA Secure program is designed to for borrowers trying to refinance adjustable rate mortgages. Borrowers must have been current on their mortgage payments for at least 6 months prior to their rate adjusting. So far homeowners who have taken advantage of the program have saved an average of $400 a month in mortgage payments. It is predicted that another 20,000 borrowers will be approved in December alone. In 2008, as many as 200,000 borrowers are predicted to take advantage of FHA Secure.
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