Would you like to refinance your home to benefit from historically low rates? A government program offered by the Federal Housing Administration (FHA) allows homeowners to refinance their homes with a credit score as low as 580. Refinancing with rates this low allows you to utilize equity in your home. Many Americans are still feeling the effects from a bad economy. This government program was created to help.
Why Choose an FHA Refinance?
FHA Loans could be the best option for your refinance if you have a high loan to value (LTV) on your home or a low credit rating. You may not qualify for conventional loans but this government program was designed to help Americans during these tough times. By utilizing an FHA refinance program you can receive cash from your home even with a credit score of 580.
What Can You Do With Your FHA Refinance?
Cash out your home to pay credit debts and repair your credit score. With an FHA refinance you can cash out up to 85% LTV on your home. This allows you to repay your credit debts to start building towards a better credit score. This will also increase your options for your next refinance.
You may also use an FHA refinance to repair your home. Household repairs can get expensive and affect the value of your home. By utilizing this government program which is designed to help Americans, you can repair your home with no out of pocket fees.
So the benefits are clear from an FHA loan. You can utilize the money to repay debt or repair your home. By taking advantage of these historically low rates and government programs you can get more out of your home. If you have not explored the FHA options available to you, you could be missing out.
If you have been trying to receive a conforming loan and do not qualify, FHA may have a program for you. You should speak with a mortgage lender, who is FHA approved, to receive the most up to date information about qualifications and requirements. An FHA Lender will be able to tell you if this is the best mortgage program for your specific situation. Do not let your credit score or LTV on your home stop you from exploring other options. After all government programs like FHA loans were created to help Americans with credit and mortgage problems.
