FHA refinance loans are a type of government mortgage that automates home refinancing for qualified consumers. A refinance is popular tool that replaces an existing mortgage using the property as a collateral to pay off the old loan. In most cases borrowers utilize FHA refinance loans for improving interest rates. Cash out refinancing is another popular type of loan that many homeowners use to obtain capital for home repairs, remodeling and debt consolidation.

FHA home loans are a cost-effective options for homeowners who are suffering with an adjustable rate mortgage that increased monthly payments often making owning a home too costly. FHA refinancing may be the most efficient method to avoid a foreclosure or escape a short sale.

In 2008, FHA loans have become the number one for converting adjustable interest rates to a fixed mortgage. Because FHA guarantees part of the mortgage that is paid directly to the lender in case of a foreclosure, many brokers and lenders have begun to offer FHA loans.

Consumers also like FHA mortgages because they do not have FICO score requirements if your debt to income ratio and employment history meets government loan standards set forth by HUD. Many homeowners go through a period in their life when they make their credit payments late. If this is an isolated incident with a justified reason, in most cases FHA lenders will overlook the delinquencies if the borrower indicates that they have recovered and that the proposed loan offers benefits to the borrower. Because FHA loans do not require much equity, in most cases they are the best option for consolidating 1st and 2nd mortgages into a one monthly payment.

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