FHA refinancing enables millions of Americans to lower their mortgage payments and take cash out of the equity in their homes at a low 3.8% fixed interest rate.
Homeowners normally choose to refinance with an FHA loan if their credit score does not meet the requirements to qualify for a conventional loan.
Here are some of the benefits of refinancing with an FHA loan:
Homeowners who already have an FHA loan can take advantage of special refinancing option to reduce their mortgage payment to 3.8% fixed with no appraisal, minimal paper work and close in 7 days...
FHA Streamline Refinancing is fast and simple offering the following benefits:
The FHA (Federal Housing Administration) is a government agency that insures mortgage loans.
The goal of the FHA is simple; to reduce mortgage lending risk for banks thus making is easier for Americans to buy homes and refinance their existing mortgages.
An FHA loan is a mortgage just like any other - the main difference between a "Conventional" lender and an FHA lender is FHA lenders are protected against risk by the Federal Government in case borrowers default on the loans they issue.
This insurance allows lenders to offer mortgages to a wider range of borrowers who may not otherwise be able to qualify for a conventional mortgage.
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