FHA Home Loans have been around since 1934. These loans have many advantages for those who are looking to buy a home with a small down payment. Although there are talks of raising the down payment home buyers can purchase a home with only 3 and a half percent of the purchase price. For most areas the maximum purchase price for a home is $271,050. This would require a down payment of $9,487.

FHA also allows for less then perfect credit. This allows for those who where shaken by the recent recession to recover and own and home. In 2009 the National Average for Credit Scores, a survey conducted by Experian, was 692. Many lenders will allow a borrower to qualify with a median score of 620. Often a borrower with a bankruptcy that was discharged greater than 2 years ago will be able to purchase or refinance an FHA loan.

Other advantages of an FHA home loan include low cost and competitive mortgage rates. Since these loans are insured by the Federal Governments they will often have set costs for a refinance or purchase. A streamline FHA refinance is an option that can save the homeowner money when trying to lower your monthly payments or utilizing the equity and taking cash from the value of the home.

Streamline Refinance are done by about 500,000 home owners each year. This less than 20% of those that have FHA home loans. With rates at historic lows now would be a great opportunity to take full advantage of this streamline process. A qualified loan officer can help you determine if this process is right for you.

To find best FHA refinance mortgage rate complete an instant quote request today to speak with a qualifed lender today.