Trade your Adjustable Rate Mortgage for an FHA-Insured Loan

In August of 2007, President George W. Bush announced that the FHA was launching a plan to help certain homeowners who have adjustable rate mortgages (ARMs) refinance into a fixed-rate FHA loan. FHA refinancing guidelines have been expanded so that even homeowners who have fallen behind in their monthly payments since their ARMs adjusted may qualify for an FHA loan.

Homeowners with ARMs who refinance now may enjoy the following benefits:

• Easier credit and income guidelines
• Streamlined processing for borrowers who currently have an FHA mortgage.
• Minimal, FHA-regulated closing costs
• Loans up to 85% of your property's value.
• Consolidate first and second mortgages or higher-rate debt into one loan.

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Purchase a Home with an FHA Mortgage

Looking to buy a home? An FHA mortgage makes buying a home easier and less expensive than other types of home loan programs. Even people who are self-employed or who have less than perfect credit may find that they qualify under the FHA's loan program. Because the Federal Housing Authority insures your mortgage, qualification guidelines may be more liberal than with other types of mortgages. In fact, the FHA guidelines include:

• Down payments as low as 3% of purchase price.
• Easier credit and income guidelines.
• Easier job requirement guidelines.
• No minimum credit score requirements.
• Home purchase allowed just two years after a bankruptcy.
• Home purchase allowed just three years after a foreclosure.
• Minimal FHA-regulated closing costs.

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Purchase or Refinance your home with a VA mortgage

VA mortgages, which are insured by the Department of Veterans Affairs, make home financing easier and more affordable for veterans, reservists, and active-duty service members. They offer some of the easiest approval requirements of any mortgage, including:

• Flexible credit guidelines
• Expanded qualifying ratios
• The option to use giftmoney or secondary financing

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