Refinancing: FHA Loans Provide Options with Fewer Qualifications

Insured by the Federal Housing Administration, FHA refinancing loans have few qualifications and credit requirements and are ideal for home owners with little home equity who desire lower payments or a shorter loan term. The maximum loan amount varies, depending upon the location of the home, but these refinancing loans typically have competitive interest rates.

FHA loans for refinancing have flexible options, such as a fixed-rate mortgages or adjustable rate mortgages (ARM), giving you the opportunity to find a refinance loan to meet your budget needs and plan for the future.

FHA refinance loans are ideal if you:

• •Need more flexible qualification and credit requirements than a standard refinance loan.
• •Have home equity that is 20% or less.
• •Desire the security of a refinance loan backed by the government.

Refinancing: VA Loans Provide a Refinancing Option Benefit for Veterans

Veterans Affairs (VA) refinance loans allow veterans with qualifying credit and income to refinance their current mortgage with more lenient qualification guidelines than conventional refinancing loans. Benefits of a VA refinance loan include the ability to achieve a lower interest rate with no monthly insurance (PMI).

In this type of refinancing loan, the VA protects the lender against loss if the borrower does not repay the loan, which enables lenders to offer loan options to veterans and other qualified participants that they may not otherwise be able to offer through conventional loans.

VA refinance loans include fixed rate loans to give borrowers the ability to stabilize payments and better plan for their financial future. VA refinance loans may be right for you if you:

• •Are a veteran, military member or surviving spouse of a veteran.
• •Are seeking a fixed-rate loan with more flexible credit and qualification guidelines.