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Kiersten Essenpreis for Money

In this era of rock-bottom interest rates, millions of Americans have already refinanced their mortgages or are doing so right now, locking in lower rates than they had before.

But if you have a so-called FHA loan – backed by the Federal Housing Administration, typically going to borrowers with lower credit scores and/or smaller down payments – the process might not be so smooth going forward.

The reason: Almost every investor and company in America is in a mad dash to safety. And that means FHA loans aren’t the most desirable assets to have on your books, since they tend to come with higher risks.

So what does that mean for FHA borrowers? It could mean higher rates than you expected, or additional requirements like a healthier credit score or updated income verification, or longer processing times – or it could mean that you have trouble finding a lender at all.