The FHA has a variety of refinancing option, including the cash-out refinance loan. It is often best to consider refinancing after you have had time to build up a significant amount of equity in your home.

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Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. If you own a home you still owe mortgage payments on, chances are you're examining your refinancing options. In today's economy everyone needs a way to lower monthly payments and make housing more affordable. The FHA has a variety of refinancing option, including the cash-out refinance loan.

FHA REFINANCE: CASH-OUT REFINANCING

In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. If the property was purchased more than one year prior to the refinance, the homeowner can refinance the existing mortgage for up to 85 percent of the appraised value plus the allowable closing costs, which vary from state to state.

While economic news fluctuates back and forth between good and bad news, HUD and the FHA aren't taking any chances with the current housing market. According to a 2009 memo from the Department of Housing and Urban Development, the FHA is changing the rules for FHA cash-out refinancing due in part to "...the continued deterioration in the housing market, and FHA's need to limit its exposure to undue risk".

FHA NEWS and RELATED ARTICLES

FHA Up Front Mortgage Insurance Premiums (UFMIP)

Borrowers who have an FHA home loan for a single-family property that was endorsed on or before May 31, 2009 are eligible for a lower rate on their Up Front Mortgage Insurance Premiums.

FHA Policy Changes on FHA Short Refinancing

Borrowers who are underwater on a home loan basically owe more on their home loans than the property is worth on the current housing market. Over the last few years, this has become a growing issue faced by more homeowners due to a troubled market.

FHA Loan Rules: Cash Out Refinancing

FHA loan rules for cash-out refinancing always require the borrower to qualify and meet credit and income standards that may not be the same as for non-cash out transactions.

FHA Streamline Loans: When Are They Available?

If you’ve recently applied for an FHA insured mortgages and are now paying on an FHA mortgage, you are also able to submit an application for FHA Streamline Refinancing loans after a specified waiting period.

Rules for FHA Streamline Refinancing Loans

The FHA Streamline Loan option features reduced paperwork and faster processing than the initial FHA loan application, but these loans don’t permit money back to the borrower as they are designed primarily to give lower payment or interest rates.

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