With the current real estate debacle, the government has come to the rescue of a lot of people on the verge of losing their home, with new FHA refinance laws. The new FHA refinance guidelines allow people who have adjustable rate loans to refinance at the current market rate. Adjustable variable rate mortgages have caused many homeowners to fall behind on their mortgage payments and are one of the leading causes of the record high foreclosure rate in the United States. Normally, a home owner late mortgage payment would not qualify for an FHA mortgage refinance but with the new FHA Secure proposal; home owners would be eligible for an FHA refinance if their late payments are directly caused by an adjusting mortgage rate that has increased from the standard introductory rate. Borrowers will be eligible to refinance up to 97.75% of the total appraised value of their home. FHA will also charge mortgage insurance premiums based on the individual risk of each mortgage refinance loan that is written. The only people that will not benefit form the FHA refinance guidelines are people which homes are now worth less then their current mortgage balance. If your mortgage balance is below the worth of your home you need to take advantage of the new FHA refinance guidelines today!