FHA Mortgage Refinance Loans for Lower Rates

Originally FHA loans were designed to help increase homeownership. FHA mortgage refinance options ensure fair lending and flexible guidelines for refinancing and consolidating credit card debt. Since being founded in 1934, FHA has evolved with premier FHA mortgage refinancing for cash reserves, home repairs and bill consolidation. Whether you are seeking cash out for bill consolidation or simply a more affordable payment, we offer a true solution utilizing all types of FHA mortgage refinance solutions.

FHA Refinance for Debt Consolidation that Lowers Monthly Payments!

FHA continues to expand with many FHA refinance loan options that include debt consolidation, cash back and rate and term fixed rate refinancing. FHA is one of the last loan programs that enable borrowers to consolidate mortgages, loans and credit cards. Most home equity loan lenders have put their 2nd mortgage programs on hold, so FHA refinancing has taken a more significant role in cash refinancing and consolidating than ever before.

This is another great year for the FHA mortgage refinance loan programs as they continue to provide competitive advantages for homeowners looking to refinance high rate bills and adjustable rate mortgage together into a new fixed rate mortgage that save them a fortune every month. FHA mortgages allow debt consolidation up to 95% loan to value if you have not been late on your mortgage payments in the last twelve months. However if you have been reported late by your mortgage company in the last year, than you can consolidate credit cards, loans and collections up to 85% loan to value. Many lending enthusiasts fear that FHA refinance loan guidelines will tighten sooner than later, so get approved now while interest rates are so attractive. The Federal Reserve recently renewed their commitment to affordable housing by continuing to make credit more available with low interest rates in 2015 and 2016. Many economists anticipate a high volume of loans under the FHA refinance mortgage programs. Many lending professionals have quietly confessed their hope that Congress will not require the Department of Housing and Urban Development to tighten their credit standards on mortgage refinance loans insured by the FHA.

Strong Benefits of a FHA Refinance Mortgage

Refinancing with an FHA mortgage can prove to be a beneficial financial decision for some homeowners, but for others a different refinancing option may prove to be a better fit. The pros and cons of refinancing with an FHA are something that every homeowner should investigate and consider before deciding to opt to refinance their home using an FHA mortgage or a non-FHA home loan.

Some of the positive aspects when refinancing with an FHA home loan are:

• Lower credit scores accepted
• Past bankruptcy history accepted
• Past foreclosure accepted
• Lower level of equity required
• 97.5% loan to value

Choosing to refinance with an FHA loan can be a very positive experience for some home owners looking to take advantage of their equity by refinancing their home loan. For home owners with a lower credit score, a past bankruptcy, or a past foreclosure, an FHA home loan will provide them with the opportunity to obtain a reasonable refinanced rate. While other lenders may not approve an applicant who has a lower credit score or a blemish on their credit report, FHA approved lenders will often give these people a chance in refinancing their home. Also, not as much equity is needed to qualify for a FHA mortgage refinance, allowing home owners with lower levels of equity an option that allows them to still refinance their home.

Exceptions are granted with FHA refinance loans on a case by case basis if you have circumstances that caused credit problems that were beyond your control. The interest rates for refinancing debt and consolidating bills have been phenomenal and many homeowners are reporting monthly savings substantial savings.

Conventional debt consolidation loans usually have higher interest rates than FHA mortgages, so homeowners may be pleasantly surprised with their new mortgage payments after consolidating bills and variable rate loans into a fixed rate sponsored by FHA.

Rate & Term Refinance with FHA Mortgage
Chapter 13 Bankruptcy Refinance Loans
FHA Mortgage after 7 or 11 Bankruptcy Discharge

Because of many homeowners have been struggling to make their payments on time, HUD has introduced several mortgage relief programs. (even if you have a bad credit mortgage)

Ask your loan officer about the Emergency Homeowner Loan Program, HARP Refinance Loans and the FHA Short Refinance option if you are having trouble qualifying for FHA refinancing.