Special FHA Loan Programs 

FHA RENOVATION LOANS

You also may borrow money in order to do extensive renovations to your house through the http://www.fha.gov FHA Renovation Loan or 203(k). All the costs needed to repair and renovate your house can be financed. However, you are limited in the types of repairs and renovations you can do.  For example, no custom movie theaters or bowling allies are allowed.  The minimum amount of the 203(k) is $5000. 

FHA Streamline Refinancing 

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

• The mortgage to be refinanced must already be FHA insured.

• The mortgage to be refinanced should be current, not delinquent.

• The refinance should lower your monthly principal and interest payments.

• You cannot take cash out on mortgages refinanced during the streamline refinance process.

Companies are able to offer streamline refinancing in a variety of ways. Some advertise "no cost" refinancing.  However, this does not mean that the loan has no fees, but that the fees are not required "out of pocket" to take out a new loan. These fees — typically loan origination fees and closing costs — can be financed in with the loan. Some lenders require closing costs paid when the loan is refinanced, which will result in a lower monthly payment, both in interest and principal.

Taking advantage of http://www.fhamortgagecenter.com FHA loans can help you obtain the home of your dreams – and decrease the cost in the process.