The good thing about FHA mortgages is that almost anyone can get it. So if you have a satisfactory credit record, enough cash to close loan and sufficient steady income to make monthly mortgage payments without difficulty, then you'll have no trouble getting approved for an FHA mortgage. As a rule of thumb, only people who will reside in property are eligible for FHA-insured mortgages.

There is no upper age limit set by HUD for borrower. Nor is there a certain income level that borrower must achieve in order to buy a home at a certain price. And although income is certainly an important factor, it is simply one of several determining factors which are used by HUD to find whether borrower will be able to repay mortgage.

Types of FHA Mortgages

There are several types of mortgages that FHA insures. These include:

• One-family residence
• Two-, three-, four-unit properties
• Condominium units
• Houses needing rehabilitation

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A refinance mortgage loan generally means paying off your original mortgage by signing a new loan. Your refinance mortgage loan acts like your typical mortgage loan. That means that you pay most of same costs you paid to get your original mortgage. These can include settlement costs, discount points, and other fees. There may also be a penalty charged for paying off your original loan early, although some states prohibit this.

Having said that, total expense of a refinance mortgage loan depends on all those factors - interest rate, number of points, and other costs. Lenders will charge several points in order to offer you lowest rates. With these, total cost can run between three and six percent of total amount you borrow. So, for instance, you borrowed $100,000 on a refinance mortgage loan. For this amount, lender may charge you between $3,000 and $6,000. However, some lenders may offer zero points at a higher interest rate, which may significantly reduce your initial costs, although your payments may be somewhat higher.

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