FHA Refinance Loan

FHA - Federal Housing Administration makes it so easy for you to refinance your FHA loan. But did you know you don't currently have to have an FHA loan to do a FHA refinance loan program?

With the FHA Refinance Loan Program you can refinance up to 97% value of your house! The great thing is if your credit is a little damaged you probably will still qualify for this FHA refinance Loan.

Top 4 Reasons To Use The FHA Refinance Loan Program:

Closing Costs - FHA tells the lender what they can charge and what they can't so much lower junk fee's than what a normal loan might have
You can qualify for up to 97.75 value of your house making it easier to combine a first and second mortgage.
Much more relax credit and income guidelines than a regular mortgage
FHA Streamline Refinance - This one you do currently have to have a FHA loan. This program makes it so easy to refinance to a lower rate.

You really can't lose by checking out a FHA refinance loan

Refinancing a home mortgage isn't the most interesting thing but it could save hundreds of dollars each month. A FHA Refinance Home Loan is a perfect solution for someone with marginal credit to bad credit. It can help you refinance that high interest rate into a lower interest rate.

A FHA loan is also perfect if you have never had credit. If you have been in a rent to own situation and have been paying by check. Get front and back copies of the checks, and apply online for a FHA loan. Apply at more than one place online so to get the best deal possible and be ready to fax your information over to the Loan Officer.

Funds from a FHA refinance loan can be used to make certain types of repairs to your home, for example a new roof. You can even use the funds to help expand the house for a growing family. The renovations will have to be approved and you will have to have bids for the construction. The builder will have to be approved and will have strict guidelines to follow. These guidelines are there to protect you and the lender.

As you can see a FHA refinance loan can be very flexible. All in all a FHA mortgage is the way to go for people with marginal credit or very little money down. Apply online today and just see what interest rate a lender can get and what the payments would be. When comparing payments make sure to compare the principal payment against principal, meaning don't have taxes and insurance included. This way you can see if it will benefit you or not by comparing. If you don't know what your current principal payment is just call your current lender and ask.

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