• Convert your ARM into a fixed
• Refinance into a lower rate and payment
• Get cash out for debt consolidation
• Shorten your mortgage term
• You can even rehabilitate or upgrade your home

When refinancing without cash out, FHA loans will allow a loan amount of up to 98.75% of the appraised value of the home. This is especially important if you have purchased your home recently and financed a high percentage when you bought it. Whether converting an ARM to a fixed, lowering your interest rate, or trying to reduce your monthly PMI costs, FHA loans are a great choice when refinancing your current mortgage.

When taking cash out, FHA loans allow you to finance up to 95% of the homes value. This is significantly higher than conventional loans, and therefore will allow you to get more cash for things like debt consolidation, home improvements, vacations, school, etc. FHA also does not require a higher rate when taking cash out, making FHA loans the best choice for refinancing for this purpose.