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FHA Mortgage Refinance Loans for Lower Rates and Poor Credit Scores

Clearly some of the refinance programs with FHA were the most successful mortgage products for people with less than perfect credit over the last decade. As many people saw their home loans get much more costly as a result of so called teaser or discount periods coming to an end many borrowers continue to struggling to meet their new mortgage repayments. FHA home mortgages provide a fixed rate alternative to the sub-prime adjustable rate mortgage loans.

FHA mortgage refinancing allows bad credit because FHA doesn't have any credit criteria. Lenders set the credit criteria for FHA because the lenders are the ones extending the loans. FHA merely guarantees the loans to help keep the interest rates affordable even for bad credit refinancing. Although lenders have credit underwriting requirements, these requirements are very reasonable. Some lenders will allow scores as low as 500, while others require a score of at least 580.

Are you facing foreclosure?

The federal government, in response to the increasing number of people facing foreclosure has created several programs specifically to address the foreclosure crisis. In some cases, consumers can qualify for a FHA mortgage refinance one year after a foreclosure.

Bush Spells out a Mortgage Bailout for Option Arm Homeowners! "Now more than ever we need the stability that FHA can Offer!" The FHA Secure Loan can help! The plan calls for a rate freeze and also the possibility to refinance an existing mortgage which will help 1.2 million homeowners! FHASecure is due to expire on December 31, 2008, so if you want to refinance under this FHA loan program you need to act quickly.

There is another plan that was put in place to help homeowners facing foreclosure. It's called HopeNow. It is an alliance between counselors, servicers, investors and other mortgage market participants. It is designed to maximize outreach efforts to homeowners in distress to help them stay in their homes. For more information about HopeNow, visit their website or call them toll-free at 1-888-995-HOPE.

Hope for Homeowners is the third program created by the government to help people facing foreclosure. It's part of the Housing and Economic Recovery Act of 2008. Under Hope for Homeowners, lenders will refinance loans borrowers can't afford at a significant discount. Only owner-occupants are eligible for the new FHA-insured mortgage. No investors or investor properties qualify.

You don't necessarily have to be facing foreclosure to benefit from FHA streamline refinance. If you have less than stellar credit, FHA is pretty much your best bet. Conventional lenders are still not lending, particularly for refinance loans due to the declining house prices. It doesn't matter that you've had a good mortgage payment history chances are you're not going to get a conventional loan unless you also have good credit and a lot of equity in your home. However, FHA will accept a bad credit refinance because they're more concerned with your payment history. And, FHA will let you refinance up to 95% of your home's value. Especially if you have an adjustable rate mortgage (ARM), a FHA loan will save you a lot of money.

If you're already a FHA customer, you may want to consider a FHA streamline refinance to improve the rates and terms of your loan. You don't have to qualify for a FHA streamline refinance because there is no need to have to document your income, nor are there any credit underwriting requirements for this loan. If you're paying higher than market rates, you may want to see if you can get a FHA streamline refinance. It could save you money.

FHA offers mortgage refinancing for people with less than great credit. It's probably the only lender left that will extend bad credit mortgages since the subprime meltdown occurred.

Contact FHA Mortgage Loan Company to get more information about refinancing and to figure out what options are available with your credit scores, loan to value and debt ratios.