How to Qualify for Government's Subprime Bailout

September 13 2007 PersonalFinanceBlog.com In a little noticed press release, the Bush administration announced its plan to create a new refinancing program managed by Federal Housing Administration (FHA) that will likely rescue 240,000 homeowners from the fate of foreclosure. The new product, named FHASecure, does have some strict eligibility criteria, though. Homeowners must meet all five of the following condition to be eligible for an FHA bailout: • A history of on-timemortgage 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; • A sustained history of employment and • Sufficient income to make the mortgage payment.

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