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Borrowers across the country have migrated to FHA refinance loans, because these government loans ensure low fixed rates and do not require as much equity as conventional loans. FHA Home Loan Services offers FHA refinance options for a range of credit profiles. FHA refinancing is a good fit for borrowers with less than perfect credit, as well as prime credit applicants in search of an affordable fixed rate mortgage. Borrowers can get cash out with the 203B FHA refinance loan or reduce their interest with the FHA streamline refinance option.
For millions of Americans, refinancing with FHA enables them to secure a low mortgage rate and lower monthly payment that is fixed for life. FHA refinancing is a major financial decision that impacts how much interest you will pay for the life of a loan, so the better the interest rate…the more money you will save. HUD introduced FHA many years ago to ensure that more Americans were given equal credit opportunity with fair lending policies. Today, FHA continues to play a tremendous role in supporting home financing during a time of credit crunches.
FHA Refinance Rates dropped to record levels in 2010, but with inflation concerns, most industry insiders are predicted that the Federal Reserve will raise interest rates sooner rather than later. Refinance today and benefit from a fixed interest rate guaranteed for fifteen to thirty years. Review the FHA refinance guidelines, requirements, and FHA refinancing options below based on which loan meets your needs. There are several types of refinance loans offered with FHA.