FHA home refinance loans allow people with bad credit to qualify for a good mortgage rate with fixed rate refinancing terms from 15 to 30 years. Bridge is an approved FHA mortgage lender who offers both traditional and government refinancing products insured by VA and FHA. FHA home refinancing encourages mortgage lending equality and with 30 year fixed rates dropping to 6%. Borrowers with bad credit scores can feel good about refinancing their ARM because in most cases, applicants qualify for a fixed rate mortgage that is tremendously better than subprime alternatives. FHA home refinancing is possible if you have good mortgage history in the last year, even if your credit scores are low!
FHA refinance loans pave the road for many previously unqualified borrowers to qualify for a low interest rate with reduced monthly loan payments. The FHA 203B loans enable homeowners to eliminate debt or pay for home improvements FHA refinance loans are also insured by the Federal Housing Administration and made by an approved lender in accordance with the HUD refinancing restrictions.
A FHA home refinancing is the only true sub-prime lending options for homeowners who have 10% or less equity available in their home. FHA offers rate and term refinancing to 97% and cash out refinancing to 95%. If you have an adjustable rate mortgage that you always paid on time until the rate started rising, ask your lender about FHA mortgage loans and your eligibility for the FHA secure loans designed for emergency refinancing.
If government mortgage rates continue to rise, then it makes sense to refinance into a fixed-rate mortgage now to protect you against potential inflation. With the fixed option, you can dramatically lower your monthly obligations by reducing thousands of dollars off the total interest you would be paying over the term of the mortgage. The FHASecure was established as a foreclosure prevention tools by creating refinance loans for borrowers who are behind on their mortgage that recently adjusted. The FHASecure was dropped from the FHA home refinance programs recently.
Today borrowers who already have a lien insured by FHA have been refinancing with the streamline loan. If you have an underwater mortgage that happens to be owned by Fannie Mae or Freddie Mac, then a HARP refinance would enable you to lower your interest rate regardless of your loan to value statistics.
Refinance with a FHA Home Loan |
- Government Mortgage Refinancing
- Poor Credit FHA Home Loans
- Cash Out Refinancing
- Fixed Rate 30 Year Mortgages
- FHA Streamline Refinance
- Fixed Loan Refinancing
- Sub-Prime Home Loans
- FHA Secure Refinance
Answer: You may be surprised to learn that there is no minimum credit score requirement with FHA home loans. Over the years, the credit score requirements has become one of the most frequent misconceptions Unfortunately, many wholesale mortgage lenders create their own minimum credit score requirement with FHA loans.
Since FHA loans are "exception loans", it's critical to have a good working relationship with lenders that really utilize FHA underwriting guidelines that are available, so find a lender that has experience with FHA lending, like Bridge Mortgages.
Answer: There are no income limits on FHA loans. Because of this, I encourage all types of borrowers including, self-employed homeowners to consider loans insured by the Federal Housing Administration when refinancing their home.
FHA Mortgage Loans Soar in Popularity - Lenders like Bridge Mortgages are taking full advantageous of expanded FHA guidelines for refinancing and protecting against a foreclosure.