Home Affordable Refinance Program

FHA Mortgage Refinanced Loans is one of the few lenders offering the Home Affordable Refinance Programs to borrowers who have Freddie Mac, Fannie Mae and FHA mortgages.  If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to qualify for a Fannie Mae refinance or Freddie Mac loan.

125 Mortgage Options for Fixed Home Refinancing        

Even if you were turned down recently by a lender for home refinancing, FHA Mortgage Refinance Loans may have a new government solution with the Home Affordable Refinance Program that was designed to refinance all of those borrowers who lost the equity in the recent housing crisis.

Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?

FHA mortgage loan extend opportunities to people with bad credit who need a fixed rate or improved term from refinancing their home. The FHA rates reached record lows in 2009 but millions of homeowners did not refinance, because they were upside down with their house value less than they owe on their mortgage loan.

With conventional lenders tightening their belts on their lending requirements, subprime loans are pretty much a thing of the past. This leaves a lot of current holders of subprime loans very few options to avoid foreclosure when their rates reset. However, the FHA has stepped up and is currently assisting subprime borrowers by allowing them to refinance to fixed-rate FHA loans that have low rates.

Is Your First Mortgage Principal Greater than the Present Value of Your Home?

Many FHA lenders r announced minimum credit score requirements.  However, the FHA credit guidelines continue to be more forgiving than those of Fannie Mae and Freddie Mac. FHA still allows bad credit mortgage refinancing, but the insurance companies have implemented a risk based rate that could making refinancing difficult.

Now is the time to refinance with a loan approved with the Home Affordable Refinance Program that enables 125 loans for non cash out mortgages less than $417,000. The FHA Secure programs expired and Hope for Homeowners never panned out, but The HARP loans look to help millions of struggling borrowers finally refinance into a fixed rate mortgage they can afford.

125% Mortgage for Refinancing Fannie Mae or Freddie Mac Home Loans

Refinance with Home Affordable Refinance Loans

FHA loan limits in high-cost markets can be insured by the Federal Housing Administration.  Home loans that were purchased by Fannie Mae and Freddie Mac are available for the Home Affordable Refinance Program with 125% mortgage loans up to $417,000.  The maximum FHA mortgage loan amounts in 2010 will remain at $625,500.

Even if you aren’t worried about losing your home to foreclosure, you would benefit significantly by reducing the rate with an FHA refinance or Obama loan sponsored by the US government.  Don’t forget with FHA refinancing, there is never a pre-payment penalty. FHA still offers 85 to 95% refinancing with cash out transactions.  FHA Streamline and rate and term refinancing is available to 97% loan to value.

You'll still be able to refinance under the second foreclosure rescue plan, HOPE for Homeowners, but you'd have to share your equity with FHA and the loan limits will be dropping soon, as well.