The FHA announced in April that is was expanding FHASecure to try and help more people at risk of losing their homes to foreclosure. According to an article on CNN:

FHASecure, under new rules that begin in July, will be open to all subprime ARM borrowers (not just ones whose loans had already reset) no more than 60 days late or 30 days late twice in a 12-month period. Other criteria: they need to have home equity, or cash, equaling 3% of the mortgage principal.

In addition, borrowers three months delinquent or late three times in a 12-month period will qualify if they have 10% home equity. Their lenders can help them qualify by voluntarily writing down loan balances.

This is great news for homeowners with subprime loans. They can now get a new low rate fixed loan through FHASecure without having to be behind on their mortgage. The FHA hopes the program will eventually reach 500,000 borrowers.

The average homeowners saved about $400.00 a month with the FHASecure program.