FHA Refinance Home Loans have been in use for the purpose of securing loans for a long time. The last option is to try and get your mortgage refinanced. Can You Really Get A FHA Refinance Home Loan With Bad Credit?. Your current mortgage must be a non-FHA adjustable mortgage that has already reset or increased. The first disadvantage that has yet to be seen is to actually get the strict FHA underwriters to approve these loans that look different than the cookie cutter format that they are used to seeing. Author Chris Rivers, a Connecticut FHA Lender, specializes in offering low FHA interest rates for Connecticut refinance mortgages even if you have late payments on your mortgage. Additionally, most Connecticut homeowners with adjustable rate mortgages are somewhat protected because of a maximum interest rate limit that is on their adjustable rate mortgages that prevents their monthly payment from increasing dramatically. It is estimated that an initial 80,000 home owners may be helped by the FHA secure program. The US Federal Housing Administration offers loans that enable individuals to acquire a home with a down payment as low as 3% - a percentage comparatively lower than most limits for regular loans. However, some people who don't fall into this category may still be approved for an FHA loan. What's happened is that a lot of less-than-scrupulous mortgage brokers sold mortgages with teaser rates, good for 2 or 3 years, when the rates would climb, often in excess of 4 or 5 points over the usual housing market rate. The program is only available until December 31st, 2008.Your mortgage must be a non-FHA adjustable mortgage that has already reset or increased.If you have fallen behind on your mortgage due to the increase in the payment since it started adjusting you can still qualify.Your mortgage payment must show that the 6 month's prior to your mortgage payment changing you had on-time mortgage payment history.If there is sufficient equity in the home FHA will insure mortgages that include missed mortgage payments.If the loan amount that you need exceeds FHA mortgage amount limits or LTV limits then you may qualify for a second mortgage.While, there are many good things about the changes there are some disadvantages for many homeowners. Foreclosure rates on sub-prime loans are actually not as high as many are reporting. Insured mortgage programs under the FHA for single families include a plan covering disaster victims; the energy-efficient mortgage program; reverse or home equity conversion mortgage; title I home improvements; rehabilitation mortgage; and a program covering Indian reservations and similar restricted property. Its goal was to provide an adequate home financing system through insurance of mortgages, and to stabilize the mortgage market.". It should be noted that the FHA insures your loan and does not offer home loans. Additionally, most Connecticut homeowners with adjustable rate mortgages are somewhat protected because of a maximum interest rate limit that is on their adjustable rate mortgages that prevents their monthly payment from increasing dramatically. Rehab-Loan Program allows borrowing above the purchase price to make home improvements. To qualify under the program, a borrower should also settle closing costs worth about 2%-3% of the house price. The alternative to this scheme is to exclude appraisal, but this means the original mortgage amount will remain higher than the new mortgage. The FHA is willing to help you find homes and lending situations that require no down payment. These lenders must abide by rules the FHA has set down, just as borrowers must. For complete list of FHA changes that could affect your refinance for your adjustable rate home mortgage into a fixed FHA rate mortgage click FHA Mortgage Guideline Changes. Is There FHA Refinance Home Loan Bad Credit Options For Disaster Victims?. “You can buy your third or fourth home with an FHA loan. Traditionally a home owner with a late mortgage payment would not qualify for an FHA mortgage refinance but Under the new FHA Secure proposal home owners would be eligible for an FHA refinance if they can prove the late mortgage payments were directly caused by an adjusting mortgage rate that has increased from the standard introductory rate. The federally-insured program is often sought by older Americans to augment social security, cover home improvements and finance medical emergencies. I may sound like a broken record, but do not take the risk of waiting for your mortgage to adjust when you can simply take advantage of a FHA government home loan that will give you the stability and monthly savings you need to have a great quality of life.