Bad Credit Mortgage Refinancing with Low Scores Approved with FHA

The new government programs extend bad credit refinancing for borrowers with a good mortgage payment history and reliable income qualifications. The Federal Housing Administration created a loan program that helped more people find a lender for a bad credit mortgage refinance. These loans have maintained competitive interest rates and are great for refinancing whether you have good or bad credit. If you do not have a lot of equity or have a low credit score, the FHA refinance is the best possible loan. For approval purposes, loan to value, debt to income ratio and credit scores are the three most important factors to qualify for a bad credit mortgage refinance insured by FHA.

FHA Loan Refinance Programs for Borrowers with All Types of Credit

Times have changed and programs for bad credit mortgage refinancing are extremely difficult to find. When borrowers do uncover a program for bad credit refinancing, then usually they run into obstacles like not having enough equity or minimum credit scores that are too high. Make the most of government financing opportunities for bad credit mortgage refinancing with FHA mortgages that help first time home buyers, distressed homeowners and borrowers with good and bad credit looking to refinance and save money! Borrowers with challenged credit should consider a bad credit refinance option with flexible FHA credit requirements for homeowners!

FHA Allows Refinancing with Bad Credit for Cash Back or Lower Rates

Bad credit refinancing is not always an easy process with traditional lenders, but the FHAHLR Company has been assisting consumers with less than perfect credit for almost a decade. Homeowners with low credit scores and adjustable rate loans can benefit from a bad credit refinance and save with a 30 year fixed rate mortgage that is insured by the Federal Housing Administration. Don't forget that FHA guidelines are more flexible with credit than conventional programs, but interest rates are just as low. Just a few years ago, borrowers were paying a few percentage points higher on rates for a bad credit mortgage refinance. Today there are new opportunities on home refinancing for people with poor credit.

HUD recommends creating a satisfactory payment history for at least twelve months before applying for any FHA home loan program. If you have a fico score of 500 or better, you may be eligible for bad credit refinancing. Homeowners with a good mortgage payment history and reliable income qualifications will have now problem getting approved for a low fixed interest rate with no penalties for refinancing or early pay-off. FHA provides several bad credit mortgage refinance products that are subject to HUD guidelines and FHA underwriting. Attention consumers: Please note that refinancing mortgages with bad credit can take longer to process than conventional loans for people with good credit.

Subprime mortgage loans usually have low teaser rates with high interest rates that adjust quickly. If you aren't paying attention to the rates, you may find yourself behind on your mortgage payments. In most cases, the FHA mortgage rates on bad credit refinance loans are secure and the pricing is comparable to conventional Fannie Mae rates.

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Consumers in all 50 states are benefitting from the lowest FHA rates of our generation. According to NAR, the 15-year rates fell below 3% for the first time ever and 30-year rates are holding steady at 3.75% (APR 3.89%). Even if you have low fico scores, bad credit mortgage refinancing solutions may still be viable. If your credit scores are above 500, then you are a candidate for a low rate loan insured by the Federal Housing Administration.