· There is no hassle in lengthening or shortening the term of your loan. Nick suggests visiting the following website resources to get addiional loan information: Smart Home Mortgage Loans and get more information about home equity loans and second mortgage. With a Connecticut FHA home mortgage you can have a six percent interest rate on a thirty year fixed FHA mortgage loan. 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. The reverse mortgage or HECM, which targets the country's senior citizens, allows the cash conversion of part of the individual's home equity. Unfortunately, this has gotten a lot trickier; there's a credit freeze going on that the FHA and the Federal Reserve are trying to manage, and it's going to get worse before it gets better. In return, lending institutions can be sure that their money will return to them, even if you default. This does not mean that the sub-prime market can't be helped out by the FHA. FHA Today.com shows “The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions. It should be noted that the FHA insures your loan and does not offer home loans. Foreclosure rates on sub-prime loans are actually not as high as many are reporting. Refinancing into a FHA refinance on a $200,000 loan that an individual could save close to $3,000-$4,000 in the first year of a refinance. However, some people who don't fall into this category may still be approved for an FHA loan. The last option is to try and get your mortgage refinanced. Your home may be one of the ones at risk. An FHA home loan is like having mortgage insurance for free. In 2006, the FHA gave out advice and guidance to close to 1.6 million households. The FHA is willing to help you find homes and lending situations that require no down payment. You may be able to borrow on your home equity so that you can repair or improve your home, as long as you make sure that all improvements are energy efficient. By using the FHA Secure program with the standard FHA underwriting standards FHA will be able to increase the availability of the program and help even more troubled home owners. One of the great things about an FHA refinance loan is that some of these features are available even to those who do not already have an FHA loan. · You can also take advantage of “cash out refinance" options to consolidate your bills. In case of a default, an insurance fund will cover payment for the lending institution. No matter who you are, if you qualify, the FHA can probably be of benefit to you. Of course, you may find yourself wondering: what is the difference between an FHA Streamline Refinance Mortgage and a conventional mortgage?. Borrowers must note that a FHA refinance home loan with bad credit also bars any cash take-out on the home loan. That way, lenders can offer you a better mortgage rate than they would otherwise, with the certainty that they will be repaid.