FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

• Generally easier to qualify for than conventional loans.
• Lower down payment requirements.
• Cannot exceed statutory loan limits.
• 3.5% Down
• Can use gift funds for down payments.

FHA Stream line REFI  June 11th, 2012

Loans taken out on or before May 31, 2009, paying more than 5% annual interest rate may realize a savings monthly by lowering the interest rate and the Mortgage Insurance too. FHA's new discounted prices assume no greater risk to MMI and will allow many of these borrowers to refinance into a lower cost FHA-insured mortgage with out requiring additional underwriting.
 

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