Learn About Your Mortgage Options
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. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.
This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe.
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.
FHA Loan Articles
Read About Mortgage News, FHA Updates, and Guidelines
FHA Refinance Loan Basics
Are you thinking about refinancing your home loan with an FHA loan? There are several options available, and depending on the circumstances you may qualify for an FHA Streamline Refinance or an FHA Cash-Out refinance loan.
FHA Streamline Loan Seasoning Periods
There is a required wait time between the date when the borrower begins making mortgage loan payments on the home and the day the borrower becomes eligible to apply for FHA Streamline Refinancing on that mortgage.
How Long are the Terms for FHA Mortgages?
If you're applying for a first-time FHA home loan, you're likely wondering how long your mortgage will be and what kinds of options you might have for shorter or longer loans, early payoff or what happens if you just pay the monthly mortgage minimum.
Lower Interest and Mortgage Payments: Streamline Refinance
In the last part of 2012 and the early parts of 2013, mortgage loan interest rates have been reported at lows not seen in many years, causing many FHA borrowers to think about refinancing an existing FHA home loan.
FHA Mortgage Insurance Premium Guidance
Early in 2012, the FHA and HUD issued some guidance in the form of Mortgagee Letter 2012-4, including news of a decrease to the annual Mortgage Insurance Premium for certain Streamline Refinance transactions.
FHA Streamline Refinancing: The Net Tangible Benefit
If you are looking to refinance an existing FHA mortgage with an FHA Streamline Loan, there are some details you should know when planning for the loan application.
How FHA Loans Differ From Conventional Mortgages
FHA loans differ from conventional loans starting with the most basic aspect of purchasing a home: the down payment. Down payment requirements for FHA home loans start with a minimum of 3.5%. Conventional mortgages require higher money up front.
FHA Loan Rules For Streamline Refinancing Loans
The FHA Streamline Refinancing loan program is designed for people with existing FHA mortgages. These refinancing loans are available in two different types; a non-credit qualifying streamline loan and the credit qualifying streamline refinance.
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.