FHA Refinance
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.
FHA Streamline Refinance
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 Cash-Out Refinance
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.
FHA Simple Refinance
The FHA Simple Refinance allows homeowners to go from their current FHA Loan into a new one, whether it's a fixed-rate loan or an ARM. This refinance is the most straightforward, and there is no option for cash-out.Lenders will require a credit qualification, income, and assets to ensure the borrower meets the loan requirements.
FHA Rehabilitation Mortgages
Many buyers decide to purchase a home that is significantly older, and not in the best condition. The FHA 203(k) Rehabilitation Loan enables borrowers to finance the purchase or refinance of a home, along with its renovation or "rehabilitation" of their existing home.
FHA Loan Articles and Mortgage News
July 22, 2017 - FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage to refinance.
June 27, 2017 - FHA cash-out refinance loans let the borrower take out equity in the property in cash. According to page 409 of the FHA handbook, one of the first questions you’ll be asked involves how you are currently using the property to be refinanced.
June 16, 2017 - Does it hurt a borrower’s chances when applying for an FHA mortgage loan if there’s a debt owed to the federal government? Can unpaid federal taxes become a barrier to an FHA mortgage loan? The FHA recognizes two types of circumstances–tax debt and non-tax debt.
April 22, 2017 - Some kinds of FHA refinance options are intended for borrowers with existing FHA mortgages, but those with non-FHA mortgages have FHA refinance help waiting, too. What does it mean to refinance your existing home loan?
April 1, 2017 - Making Home Affordable is the government homeowner bailout program designed to help nine million Americans avoid financial trouble because of the troubled housing market. There are two aspects to the Obama Mortgage: refinancing and loan modification.
March 28, 2017 - FHA mortgage rules require the lender to verify the borrower’s income and employment, and some borrowers come to the loan process with unique circumstances such as commission income.
February 20, 2017 - When you want to purchase a house with an FHA loan, the appraisal process is a vital part of the transaction; it’s impossible to buy a home with an FHA mortgage unless there has been an appraisal on the property to determine the fair market value of the home.
January 6, 2017 - Do you have a mortgage but are considering cash-out refinancing? Some potential borrowers have an advantage when getting financially ready for a major loan application, while others may overlook important areas that need attention long before the loan paperwork is filled out.
November 15, 2016 - Are you looking for a home to purchase with an FHA mortgage? Issues new to some first-time borrowers include FHA loan limits, and the maximum loan amount you can apply for. FHA home loans feature a maximum loan amount, which may vary.
September 12, 2016 - The government program sometimes known as the Obama Mortgage is called Making Home Affordable. When going to the Making Home Affordable official site, you will find a variety of options designed to help depending on your circumstances.
