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An FHA streamline refinance is available in all states, which means you can take advantage of it, and you'll need to get in touch with your Utah mortgage broker in order to get the full details of it. The good news is, as with any other loans, having a good credit rating will help immensely towards your qualification as a borrower.

FHA loans have been around for nearly twenty years now. They offer homeowners a better and more affordable way to keep up with their monthly mortgage payments and keep their homes from getting foreclosed on.

It's because of this tangible effect on a family's income that mortgage brokers are keen on mentioning FHA refinancing as an option to families who may be struggling with finances (for example, if one of the family's bread winners is suddenly laid off), as a way to keep up with their payments.

The Federal Housing Authority, or FHA, has guidelines which are fairly easy for homeowners to comply with. For instance, your mortgage payment history for the last twelve months is needed to show your timeliness with meeting monthly payments.

The eligibility is largely based on the capacity of the lender, and may not necessarily be tied to how large or small your current monthly mortgage payments are.

The rule of thumb is that the interest rate must be 2% or more to be worthwhile to consider refinancing your home. Do your homework diligently, and most of all, don't make a hasty decision. Remember that you will be stuck with the outcome of your decision for many, many years to come. So when you call up a lender, make sure to ask for the specific amounts your payment will drop to, if they mention your interest rate will decrease to around 5.5% or 4.5%.

If you've gotten as far as checking out refinancing options and the drop in the rates seem feasible for you, you can proceed now to the actual application (remember that there may be additional fees involved for the mortgage broker's assistance).

Most refinancing applications are processed within a day or two. And since most of the requirements have already been fulfilled in your original mortgage application, everything will become a lot easier and faster.

The eligibility process is seen as a slight add-on to the bulk of the paperwork that the FHA can pull up on your loan.

With this said, it's no wonder that the appeal of lower payments on existing mortgages, coupled with the ease of applications processing, have made FHA streamline refinance loans one of the most popular option for distressed homeowners.

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