It&39;s been tricky trying to find details about the FHA insured refinance plan President Bush announced last Friday. All we knew was that the plan could help 80,000 homebuyers who struggled with an ARM reset to refinance into lower terms.

An online Q&A session with HUD Secretary Alphonso Jackson cleared up a few points. The refinance program is being called FHASecure and to qualify a borrower must have:

 1. A history of on-time mortgage payments before the borrower&39;s teaser rates expired and loans reset
2. Interest rates must have or will reset between June 2005 and December 2008
3. Three percent cash or equity in the home
4. A sustained history of employment
5. Sufficient income to make the mortgage payment

Borrowers must also be occupants of the house they are trying to refinance and have a mortgage below the $362,790 traditional loan limit.

Emily Davidson – Credit.com&39;s Communication Director and former TransUnion credit expert. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com moderator.