FHA Refinance

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FHA refinance loans have become a popular choice for home refinancing because the FHA mortgage rates are low and the underwriting is flexible. The Federal Housing Administration was created to offer Americans a low rate mortgage solution regardless of race or social status. It quickly became the “go to” loan for first-time homebuyers.

After the subprime mortgage crash in 2006, FHA became the “go-to” loan for mortgage refinancing as well. The FHA guidelines are much more forgiving than conventional loans. FHA refinance guidelines allow bad credit and FHA underwriters require very little equity for FHA mortgage refinance transactions. Look for expanded guidelines in 2011 for FHA refinance programs.

FHA refinance rates recently reached record levels! Lock into to a fixed FHA refinance loan below 5%! FHA refinance rates are as low as any mortgage product in the US and the terms are typically more favorable. Choose from fixed rate 15 and 30-year FHA refinancing terms and there is no penalty or fees for early pay-off. So you can streamline refinance and not be penalized if the FHA mortgage rates drop.

FHA refinance loans provide insurance against inflation, because FHA mortgages guarantee a fixed interest rate. FHA even encourages you to refinance your loan if mortgage rates drop. FHA streamline refinancing automates the loan process, but no cash out is allowed. The FHA also extends opportunities to borrowers with challenged credit with the FHA refinance with bad credit.