Also, at the time of the original loan you may have gotten into the house with no down payment or very little. In other words, you had no equity to start. Now, as time passed, in many sections of the country there has been real tangible increase in home values. FHA will allow up to 95% of appraised value of your home even allowing cash back. The money you still haven’t been able to save is not a problem. The costs of an FHA refinance can be rolled into the new loan. There could be enough equity to allow you to pay off high interest charge cards in addition to paying off a high rate mortgage loan.

FHA has loan lending limits for various areas of the country. Low cost areas are around $200,160 up to $362,790 for the high-end markets. Now may be the time to look into refinancing your home with FHA. You may be more qualified than you think.

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