After subprime mortgage vanished amidst the home finance collapse at the end of George Bush's 2nd term, FHA refinancing became more relevant than ever. After option ARM's and bad credit home loans crashed, the FHA refinance program stood firm ensuring refinancing opportunities for millions of struggling homeowners looking to avoid foreclosures.
FHA Loan Refinance Helps Struggling Homeowners with Affordability
The FHA Secure and the Hope for Homeowners program were government initiatives created to help minimize the loan defaults. FHA refinancing continues to offer a variety of popular loan programs like the FHA streamline and the FHA cash refinancing option. The Streamline is available solely for rate and term refinancing while the cash out product enables borrowers to consolidate debts while refinancing their mortgage.
Today, the FHA refinance program remains the staple for American home financing. It makes sense to compare your monthly payment with the proposed payment so you can make a wide decision on FHA refinancing. As FHA rates have declined to record lows, FHA home refinancing will become a commodity and interest rates will inevitably start rising.
Government Refinancing - Home Affordable Refinance Program Question: I am delinquent on my mortgage. Will I qualify for a refinance under HARP?
Answer: No. Homeowners cannot be delinquent on the mortgage at the time of the refinance. No late payments in the past six months and no more than one late payment in the past twelve months are allowed for this refinancing program.
Rates displayed are subject to change available loan information can provided by the mortgage lenders directly after application is submitted for further underwriting review. The FHA Mortgage Refinance Loan Company is not directly affiliated with any government agency. We provide an online marketplace for consumers searching for FHA loans and HUD resources. We are affiliated with HUD approved FHA mortgage lenders. If you would like to contact HUD directly please visit their website online.
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