FHA Refinance
There are many reasons to Refinance your existing Mortgage into an FHA loan. With the recent problems surrounding the Mortgage Industry Conventional Loan programs have been turned upside down with guideline changes making it almost impossible for many Americans to actually obtain a low rate Refinance. The fallowing are just a few reasons that an FHA Refinance might make sense for you:
Get more money: FHA-insured loans allow you to borrow approximately 97% of your home value.
Low cost: FHA-insured loans have competitive interest rates because the federal government insures the loans for lenders.
Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
Less than perfect credit: You don't have to have perfect credit to get an FHA-insured mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA-insured loan than a conventional loan.
More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.
