The Federal Housing Administration's Secure program hasn't helped as many homeowners as the government predicted--but new regulations should let more borrowers get FHA-backed loans.

Announced in August, the FHASecure program was touted as a major government initiative to help delinquent homeowners avoid foreclosure.

Indeed, it was the first time the FHA was allowed to help homeowners who had missed payments on unaffordable, adjustable-rate mortgages refinance into fixed-rate loans.

The Bush administration projected that FHASecure would help 60,000 borrowers.

But from October 2007 through March, the program refinanced just 1,729 delinquent mortgages according to the New York Times.

Why?

FHASecure relaxed the rules -- but not enough.

To be eligible, borrowers had to have an ARM that had reset, at least 3% equity in their homes and have made 10 on-time payments in the previous 12 months.

Housing counselors say many families who need FHA Secure couldn't meet all of those criteria. Some, for example, defaulted on their loans before the interest rate ever changed. Others had missed more than two payments.

As a result, the government is changing the requirements to also accept borrowers:

• With subprime ARMS that haven't reset.
• Who have at least 10% equity and are three months behind, or were late with payments three times in the past 12 months.

We know that very few borrowers in this situation have that much equity in their homes. That means their lenders would have to help by voluntarily writing off a portion of their debt -- something they've been extremely reluctant to do.

But maybe these changes will make FHASecure a little more successful after they take effect July 14.

If you have an ARM you can't afford, our advice on how to save your home from foreclosure can help.