Wow you really are a wealth of information!!!
Sounds like a great option for those who have filed bankruptcy recently. I didn't know this was out there.
I've always wondered what an FHA loan really was - thanks!
Is it possible to refinance an FHA loan or does that make it more difficult?
You can definately refi an FHA loan and often times you won't need to do an appraisal. You can get a great low fixed rate but the issue becomes the monthly mortgage insurance premium that is charged when you refinance. As rates have gone down, FHA has incrementally increased the monthly mortgage insurance premium required from .55% to 1.15%. This increase has pretty much eliminated the monthly savings that would have been achieved by lowering the rate with an FHA streamlined refinance. Thanks Uncle Sam!
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