Why an FHA Refinance Loan may work for you!
The original purpose of FHA loan program was to drive new home ownership. In today’s market place, many borrowers are now turning to FHA loan programs to refinance their home mortgage. Refinancing your current mortgage to an FHA loan can result in a lower monthly payment. Our borrowers also refinance to consolidate or eliminate higher interest credit card, store account, and auto loan debt.
On average Mortgage Moon’s customers save $583 on their mortgage when they refinance into an FHA loan.
FHA Loan Qualifications
So what does it take to qualify for an FHA loan? Below are a few guidelines required for an FHA loan.
FHA Refinancing Loan for Bad Credit
An FHA Loan in Laguna Niguel allows lenders to look at a borrower’s overall credit and income history and current situation rather than looking at just a checklist. FHA lenders, like Mortgage Moon, are allowed to make exceptions for certain items in your credit history (bankruptcies, late payments and foreclosures). This is what has allowed Mortgage Moon to help so many borrowers that were previously declined by other lenders.
FHA home loans in Laguna Niguel are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single-family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.
FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.