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FHA Mortgage Rates
FHA Home Mortgage Rates are Low!
FHA mortgage rates have dropped below conforming interest rates when buying or refinancing a home. FHA refinancing used to approve cash out transactions up to ninety five percent loan to value. Last year, HUD lowered the maximum LTV to 85%, so if you have only 15% equity left in your home, this is the only option to refinance and get quick access to money. If you have little equity FHA is one of the most popular options to refinance into because they only require 3.5% equity if you are just looking for a lower mortgage rate with no money back.
FHLS provides competitive cash out loans to borrowers with all ranges of credit scores. Borrowers with good or bad credit may qualify for cash out refinancing if compensating factors can be documented to the underwriter.
Interest rates are forecasted to rise in 2013 and 2014, so new home buyers are recommended to lock into a thirty year fixed FHA loan, because of the volatility of the variable rate mortgages.
