HOMEOWNERS seeking a mortgage refinance and new home buyers are often told why they do not qualify for certain loan programs from their mortgage company. Dealing with the greatest range of mortgage lenders allows us the most flexibility when working with our clients on refinancing mortgages AND home purchase loans. If a Arm and it has adjusted up, you could qualify for the FHASecure program. If they are not interested in helping you than check out the above program. The FHASecure program will operate under the same safe guidelines as FHAs existing mortgage insurance program. Eligible homeowners will be required to meet strict underwriting guidelines and pay a mortgage insurance premium, which offsets the risk to FHAs insurance fund. The borrower must be delinquent on his mortgage payments after the reset. If there is sufficient equity in the home, FHA will allow missed mortgage payments to be included in the FHA refinance mortgage, if the arrearages arose after the reset.

FHAs maximum LTV ratio and maximum loan limit. FHA refinance mortgage is not enough to pay off the existing first lien, closing costs and arrearages, the lender may execute a second lien at closing to pay the difference. If payments on the second are required, they must be included in qualifying the borrower. If payments are deferred, they must be so for no less than 36 months to not be considered in the qualifying ratios. Borrowers need not yet have missed any mortgage payments to be eligible for this type of subordinate financing. FHA has other refinance programs to help borrowers who are current on their mortgage payments but have high cost mortgages and want to refinance them. For more information on other FHA refinance programs, borrowers should contact their mortgage lender or find an FHA lender in their area by going to the above website. The other thing to consider is potential closing costs on new loan.

In the next six months may be a very good time to refinance. But it may go lower as the Fed loosens interest rates some more and the government works on giving a tax refund to people. You might start checking with mortgage brokers to see what they have available. Dont jump at the first offer you get.

Try to avoid points and extra fees. As long as brokers know you are looking and your credit is good, they will keep finding good deals for you.