FHA Refinance Requirements 2014

Refinancing a home loan using a FHA mortgage is an excellent option for homeowners with low credit or low equity, and it is important for those interested in refinancing to keep up to date with the FHA's latest home refinancing requirements and regulations. The FHA will change its terms and conditions along with the housing market to keep their policies up to date and ensure that they are offering the best refinancing options with each year's changing market. For those looking to refinance in 2014, it is crucial to know what changes have been put in place for this year to ensure that homeowners know what to expect when refinancing with an FHA loan.

The FHA has extended their short refinance program through December 31st, 2014, allowing homeowners who may owe more than their property is worth to get themselves above ground again on their equity. This program allows those who may have fallen behind on their mortgage payments to save their home from foreclosure if they qualify for this short refinance.

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For homeowners with low equity, the FHA refinancing program allows them to refinance their homes and gain more affordable payments through refinancing a non-FHA loan with a loan given by an FHA approved lender. While other refinancing options may not be available or worthy with a low equity level, FHA refinancing makes it possible for these homeowners to refinance their home and achieve a more affordable mortgage rate, giving homeowners another option in home refinance.

Also, for homeowners with less than exemplary credit, 2014's FHA refinancing requirements still allow borrowers with lower credit scores to refinance their home to a level they can afford. This benefit makes FHA home loans and home refinancing very attractive to many homeowners who may not be able to achieve an affordable refinancing rate using a non-FHA lender, and these low credit requirements are expected to extend into 2014 and beyond.

Refinancing a home is a smart choice in many different situations, and refinancing a home using an FHA loan is a great option for those with lower equity, no equity, or a low credit score. When looking to refinance a home using an FHA refinancing program, it is best for homeowners to shop around with a number of their local FHA approved lenders to ensure they will be getting the best rate for their individual refinancing situations.

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FHA Home Loan Refinancing Corporation, 3 Mason, Ste B, Irvine California 92618
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