In the world of loans and refinancing, one of the simplest loans anyone can do is a FHA Loan Mortgage Refinance on your existing FHA Loan because you are already approved by the HUD. FHA Loan Mortgage Refinance can be granted to close to anyone because there is little risk for the loan granter when issuing you a refinance on your current FHA Loan.
As long as your payments have been on time for a period of 12 months you will find it to be a relatively painless undertaking. Even if you have had a missed payment or problems in the past you may also be able to qualify as long as the right situation arises. Take advantage of changing interest rates by getting a FHA Loan Mortgage Refinance.
The correct term for a FHA Loan Mortgage Refinance is a FHA Streamline Loan. There is a list of requirements for a FHA Streamline Loan as well:
- Must already have a FHA HUD insured Loan - The FHA Loan must be at least 6 months in age - The principle and interest payments must be lowered by at least $50.00 per month or be converting from an ARM to a Fixed Rate mortgage. - No late payments or missed payments for a period of 12 consecutive months - No cash back allowed
In the case of FHA Loan Mortgage Refinance you can also do a FHA Cash Out Refinance. This type of Refinance can help you remodel, make other home improvement, or for debt consolidation. Low rates are offered to everyone by the FHA and they invite you to be a part of their programs. You can borrow up to 85% of the appraised value of your home. Take advantage today of a FHA Loan Mortgage Refinance.