FHA Loan from Quicken Loans Launches Nationally, Providing Relief to Many Homeowners Struggling with Higher Payments

Millions of American homeowners are facing significantly higher mortgage payments, as more than $140 billion in adjustable rate mortgages (ARMs) may adjust upward through the remainder of 2007. Tighter lending guidelines, combined with declining home values, have made it difficult for many to refinance. FHA loans, traditionally the purview of first-time home buyers, are now making a welcome comeback as a refinancing solution as they require less equity at rates comparable to conventional loans.

In times past, homeowners simply would have refinanced their mortgage. However, tighter industry lending guidelines, combined with declining home values, have made it more difficult for many to do so. But one stalwart, the Federal Housing Administration (FHA) loan , is making a welcome comeback and offering an ideal solution to many consumers.
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