FHA Refinance
Years ago the FHA mortgage was primarily used for home buying, but the heat turned up for FHA refinancing when the subprime mortgage market crashed in 2006. Suddenly lenders and brokers were drawn to the flexible FHA guidelines and loose credit requirements that accompanied FHA refinance loans. Borrowers like FHA mortgage refinance programs because the FHA rates are low and there is very little home equity needed to qualify. Borrowers can do a 96.5% rate and term refinance and if they already have a FHA mortgage they may be eligible for the FHA streamline refinance program. Cash refinancing is available up to 85% and borrowers can get quick access to money for home remodeling or debt consolidation. FHA mortgage refinance loans have come a long way in the last five years and many believe that the FHA refinance programs will continue to expand because the government needs some financing solutions to end the foreclosure crisis.
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