HUD came out in June with a detailed breakdown of rates going back to 1992. The average interest rate table demonstrates that rates have continued to edge down over the last 10 years. To learn more about the historical FHA rates visit this link.
Do you make your mortgage payments on time but have no equity in your home?
Many homeowners pay their mortgages on time but cannot refinance due to limited or no equity in their home. Even though we have record low interest rates many homeowners are stuck. You will still need to qualify based on your income and credit but will have more lenient appraisal guidelines. In some cases, you may even be eligible for an appraisal waiver. It is possible that a Home Affordable Refinance can solve the equity issue. Another popular option is the new FHA Home Affordable program.
If your original loan was a FHA, held by Fannie Mae or Freddie Mac you may be eligible to refinance. There are many more programs that offer these flexible guidelines. HARP, Making Home Affordable, FHA Streamline Refinance, Fannie Mae DU Refi Plus, Freddie Mac Relief Refinance, VA Interest Rate Reduction Refinance, VA Streamline are all programs that allow for reduced equity guidelines.
The first step in qualifying for an FHA Loan is to speak with an FHA consultant who can analyze your unique situation. Click here to start the FHA Loan Process.