Since 1934, FHA has helped about 35 million borrowers, making it the biggest insurer of Government mortgages in all of the world. Congress introduced the (EAHA) Expanding American Homeownership Act in June 2006, which would enable FHA home loans to be a great option for more low-to-moderate-income, and minority families so they can achieve the American Dream of owning a home. The Current FHA home loan rate has dropped to 6.125% - and dropped to the current FHA APR 6.460%. This is awesome news for those seeking a home loan from FHA.
FHA mortgage refinancing has also helped those homeowners in 2/28 ARMs, and someone who is just looking for a low FHA mortgage interest rate APR. FHA cash out home loans may go to 95% of the loan to value, and FHA rate/term home loan refinances may go up to 97.75% of the loan to value.