FHA for Bad Credit Mortgage & Government Refinance Loans for People with Credit or Equity Problems

Did you know that the Federal Government is one of leaders in this country for insuring mortgages for people with poor credit scores? FHA mortgage refinance loans offer homeowners a fixed rate refinancing solutions with cash out and competitive interest rates. The Obama administration rolled out the HARP 2.0 and Streamline that offered a solution for underwater homeowners.

Learn more about several FHA mortgage programs for people with a bad credit history and loans for first time home buyers. Yes, the U.S. government's refinance initiatives enabled borrowers who have been late on the adjustable rate payments with a one-time exception for a fixed rate government mortgage refinance.

Government Mortgage Refinance
Homeowners across the nation are excited about the FHA government refinance opportunities. Get a Free Review and Analysis with Reputable Lenders with No Application Fees or Hidden Charges.

BD Nationwide Mortgage has helped pave the road of homeownership for thousands of homeowners with bad credit scores to find a better loan while obtaining a competitive rate that saves them money. This website was developed in an effort to automate the lending process while offering a 2nd chance to "good borrowers" who may have had a few financial, credit or housing issue within the last five years.

The recent federal loan programs pushed by George Bush and Barrack Obama have helped reduce housing costs for millions of American homeowners. This initiative is a new alliance with mortgage servicers, housing counselors and government agencies to help an estimated 160,000 borrowers who face high rate ARMs. Treasury Secretary Henry Paulson Jr. stated in early October that "A combination of stagnant or falling house prices, low- down-payment mortgages and resetting adjustable-rate mortgage rates are creating real challenges for many American homeowners." To prevent a cascade of foreclosures, the Federal Housing Administration is offering assistance to borrowers in trouble, but there are limitations. - By Rebecca O'Connor.

 

Refinancing Bad Credit Loans with FHA Insured Fixed Rates

Are you looking for FHA mortgages for bad credit scores that are insured by the government? These government refinance loans were designed to move troubled borrowers with resetting ARMs to more affordable, fixed rate home loans. FHA currently issues 3.7 million government mortgage loans and many of those are to low-income borrowers who are credit risks. If you have been unable to qualify for a conventional loan from a traditional lender, we suggest reviewing your options with government mortgage loans that promote affordable housing with low interest fixed rate refinancing.

This will be the first time though that FHA is backs loans for borrowers about to be in trouble because their interest rates are being reset. Today's rates on a government mortgage refinance loan have never been lower.


30-Year Government Mortgage Refinance!

Hopefully rate and term refinancing will help many American's avoid foreclosure. The move is not meant to help the stock market, but rather to assist homeowners keep their homes, especially in certain areas that have been hard hit by the subprime market. Not all borrowers are going to be able to get a government mortgage approval to refinancing an ARM, however.

Qualifying for Government Refinancing with FHA

Borrowers must have a good payment history for the last six months before applying. So the loans won't be helpful to those who have already fallen behind. The government refinance insured by FHA has a cap because the loans are written to FHA standards which limit how much can be financed. Borrowers must also demonstrate employment history and that the new payments will be affordable. For those who meet these qualifications however, government refinance loans to affordable fixed rate home loans may save their homes from foreclosure.

The Senate finally passed mortgage legislation that expands the power of the Federal Housing Administration to help assist the subprime mortgage market with home financing enhancements. The new loan program will allow the FHA to lower the minimum amount necessary to get a loan and raise the loan amount restrictions on the mortgages the FHA can insure to $650,000.

An estimated 2 million to 2.5 million adjustable rate mortgage loans are scheduled to reset in 2008. Borrowers who have these ARM loans will see their payments jump as the interest rates begin to rise.

The new FHA plan would give homeowners "the option of refinancing to an FHA-backed loan with the peace of mind that comes with it," said Senate Majority Leader Harry Reid, D-Nev. "And for future homebuyers, a fully backed FHA loan with honest, upfront terms, will help prevent crises like we now face."


Refinance your ARM with a fixed rate FHA mortgage that is affordable.

 

Free Finance Guides & Helpful Consumer Reports

Take advantage of our free government mortgage guides and disclosures that help American homeowners refinance for potential monthly savings.

Understanding Credit Scores
ARM Rate Mortgage- Guide
Additional Refinancing Pages:
FHA Refinancing Loans | FHA Streamline Refinance | 100% Refinancing | Bad Credit Refinance | FHA Loan for Bad Credit | FHA Mortgage Refinance | Bad Credit FHA Mortgage | 2015 FHA Loan Limits in California
Other Popular Loan Products:
Combo Mortgage Loans | Debt Consolidation MortgageFHA Home Loans for Bad Credit | How to Qualify for a FHA Mortgage with No Credit Scores
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Please note that this is not an advertisement for credit. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site cannot guaranteed loans as the rates and program guidelines are subject to change. We have no affiliation with the FHA or any other government entity. BD Nationwide was affiliated with a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright © 2001-2014, All rights reserved. Do not duplicate in any form.