An FHA mortgage is one that is obtained through the FHA or Federal Housing Administration. The FHA has been insuring mortgages since the 1930s, but it has also been providing mortgage refinancing since the beginning of the 1980s.

When you refinance your mortgage with the FHA, you will benefit from a new, stable interest rate that should be lower than the rate you are currently paying on your mortgage. A cash out FHA refinancing option is available, but in most cases, it is not possible to use an FHA refinancing in order to release some of the equity from your home by taking out a larger mortgage.

Streamlined FHA mortgage refinancing offers the chance to refinance your home as quickly and easily as possible. These types of mortgage refinances reduce the amount of paperwork that is involved in the process, which can be helpful for both you and the lender. Streamline mortgage refinancing can also be done without requiring upfront payment of closing costs. Rather than asking you to pay these costs when you refinance, your lender will pay the closing costs and then recover the money through your mortgage or interest payments. You will still be paying the closing costs in the end, but you won't have to make the payment immediately.

The FHA also has a special refinancing option for people whose homes have decreased in value since purchase. Mortgage payers who owe more than 15 percent more than the value of their home may be able to benefit from a refinancing option that can forgive 10 percent of their home loan. If you want to use this type of FHA refinancing, the home to which the mortgage applies must be your permanent residence.

In order to be eligible for an FHA mortgage refinancing, it is necessary to meet certain criteria. You must be repaying a mortgage that is already insured by the FHA. You must also be up-to-date with your mortgage repayments. In most cases, the credit rating requirements for an FHA mortgage refinancing are lower than those which may apply elsewhere. This can make an FHA refinance the best option if your credit score is fair to good, although you will still need to meet the minimum requirements and the FHA's debt to income ratio requirement.

Another requirement when you are refinancing a mortgage through the FHA is that your new mortgage must leave you with lower payments of both interest and principal. This means that, if you refinance your mortgage with the FHA, your monthly mortgage repayments will decrease.

The FHA sets limits on the amount of money that you can borrow. Every county within the state has its own limits, with different types and sizes of properties also having different limits within each county. In Utah, the 2010 limits on borrowing for single family properties were 271,050 dollars in Beaver, Box Elder, Cache, Carbon, Duchesne, Emery, Garfield, Grand, Iron, Millard, Piute, San Juan, Sanpete, Sevier, Uintah and Wayne, 296,700 dollars in Rich, 302,450 dollars in Daggett, 323,750 dollars in Juab and Utah, 372,500 dollars in Washington, 383,750 dollars in Kane, 397,500 dollars in Davis, Morgan and Weber, 431,250 dollars in Wasatch, 729,750 dollars in Salt Lake, Summit and Tooele counties.

If you are interested in learning more about the process of mortgage refinancing for properties in Utah, whether or not you want an FHA mortgage refinance, you should spend some time exploring the information that is available on the Tea-Utah.us website, where you will find some useful explanations of the different options that are available when you refinance your mortgage in this state.