FHA refinance home loan - Current home owners who need to refinance their mortgage have a wide variety of home loan programs available to them. Many are based strictly on credit score. FHA offers excellent home loan programs for home owners of all credit grades and bases approvals on credit profile not just credit score. Talk to your mortgage broker about FHA financing and how it may benefit you.

While many types of homes are elgible for an FHA refinance, there are refinance options available even if you don't qualify for FHA. Contact a mortgage refinance specialist with experience in helping FHA and non-FHA refinance loans at 414-303-1215 or msearing@mayfairmortgage.com

FHA refinances allow for cash-out refinances up to 95% of the value of your home. There is no minimum credit score requirement, although a good recent credit history is required. Many other loan programs have recently restricted their cash-out lending parameters.

If you want to refinance with a FHA home loan, check with your local consultant at 414-303-1215 to discuss which route you would be best for your individual situation.

FHA loans also will allow for financing on manufactured homes, provided they are on a permanent foundation and built after June 15, 1976. Ask your mortgage professional for details.

FHA Streamline - If you currently have an FHA loan and want to reduce your monthly payment and interest rate an FHA Streamline mortgage might just be for you.

Streamline Refinancing for FHA Mortgages - The basic requirements of a streamline refinance are:

- The mortgage to be refinanced must already be FHA insured.
- The mortgage payment should be current.
- The refinancing should be beneficial for the borrower, i.e. lowering the monthly payment for the borrower.
- No cash may be taken out on mortgages refinanced.

FHA and bankruptcy & foreclosure - In the event of a foreclosure, the borrower has three years from the date the claim was paid until he/she is eligible for another FHA loan.

Chapter 7 bankruptcy requires the borrower to wait at least two years from the date of discharge.

Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at least one year, performance must have been satisfactory and the borrower must also receive court approval to enter into the mortgage transaction.

If you have had a foreclosure or filed bankruptcy there are options other than a FHA loan to get a new home. If you are attempting to purchase a new home shortly after a bankruptcy your interest rate will probably be higher than a comparable FHA loan, but you will have other options available. In order to improve your chances of qualifying for a loan quickly it is important to re-establish your credit as soon as possible. Taking out a secured credit card is just one way to start rebuilding your credit.

FHA - FHA loan programs are offered on fixed rate mortgages and adjustable rate mortgages. Guaranteed by Federal Housing Administration, FHA loans are typically easier to qualify for and require a smaller down payment.

It's primary function, as an agency of the U.S. Department of Housing and Urban Development, is making sure mortgage loans are made by private lenders. The FHA makes the standards for putting together and underwriting loans, but does not lend money.

FHA loans are not credit score driven, but a borrower has to show responsibility and good credit history for the past 2 years.

The federal government and other state, local and private entities have developed programs to help you purchase a home with a low down payment. If you are a first time homebuyer or have low to moderate income, you may be eligible for a mortgage insured by the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA). While FHA does not make or buy loans, they insure FHA loans so that if you default on the loan, the lender will get reimbursed. You may be able to get an FHA loan with a low down payment of only 3% of the loan amount or less. While there are limits to the size of FHA loans, they are generous enough to handle moderately priced homes almost anywhere in the country.

FHA program is a great way for a LOW-Income family to enter into a Home. A Mortgage Professional can help you obtain easy to find financing.

Be sure to check with your mortgage professional if you qualify for government assisted programs that will lend you the remaining 3%.

FHA loans require more paperwork than do conventional loans. This type of loan, however, may suit you better. Always compare different types of programs to make sure you get the best one for you.

These HUD loans let you buy or refinance with a low down by not having income limitations or credit scoring, many people will qualify for a HUD home because they can afford the monthly mortgage payments and have reasonable credit.

FHA loans also offer borrwers "streamline" refinancing programs that allow the borrower to reduce their interest rate with minimal qualifying and refinance costs.