Listen up Connecticut homeowners. Now is the perfect time to refinance your adjustable mortgage into low FHA mortgage rate. The FHA guidelines have changed to provide major benefits for Connecticut mortgage loans. The changes will allow you to refinance your Connecticut adjustable rate mortgages into a low FHA mortgage rate.

If you are considering refinancing your Connecticut home mortgage then you need to be aware of the new FHA guidelines.

The changes are as follows:

1. The program is temporary and only available until December 31st, 2008.

2. Your current mortgage must be a non-FHA adjustable mortgage that has already reset (means payment has increased).

3. If you have fallen behind on your mortgage due to the increase in the payment since it started adjusting you may still qualify.

4. Your mortgage payment must reflect 6 month's prior to your mortgage payment changing you had on-time mortgage payment history.

5. If there is sufficient equity in the home FHA may still insure mortgages that include missed mortgage payments.

6. If the loan amount that you need exceeds FHA mortgage amount limits or LTV limits then you may qualify for a second mortgage.

The main reason for this change is due to Connecticut mortgage lenders that have closed or filed bankruptcy. These lenders gave Connecticut adjustable rate mortgages with low introductory interest rates and payments that have recently reset and increased. Reset means that the rate and monthly payment has adjusted upward based on a number of factors determined by a group of banks or lending institutions.

With a low FHA mortgage loan you can have a FHA loan rate in addition to FHA refinancing assistance if you have a circumstance that contributes to your late payments.

While previously you might have chose an ARM to take advantage of a lower introductory rate and count on either moving, refinancing again or simply absorbing the higher rate after the introductory rate goes up, you no longer have to take that risk when you can take advantage of a FHA government home loan that will give you the stability and monthly savings you need.