FHA MORTGAGE REFINANCE

FHA MORTGAGE REFINANCE 

FHA mortgage refinancing your current adjustable rate mortgage with FHA mortgage refinancing is a great option way to secure a 15 or 30 year fixed rate term.  FHA mortgage lenders allow for easier credit qualifying and more flexibility than conventional loans.  Current homeowners can also FHA cash out equity in their current home to pay off high interest debt, make home improvements or pay any other expenses.

FHA CASH-OUT REFINANCE ADVANTAGES INCLUDE:

  • FHA Cash Out Refinance up to 85% for existing or new FHA mortgages.
  • FHA Cash Out up to 85% of your properties value.
  • Consolidate any type of first and second mortgages into single FHA loan.
  • FHA Mortgage Refinance For Bill consolidation.
  • Easier credit and income qualifications.
  • FHA regulated closing costs make it the most affordable.

96.5% RATE OR TERM FHA MORTGAGE REFINANCE:

  • Low Fico Score OK
  • Easier credit and income qualifications.
  • FHA Refinance to Consolidate first and second mortgages one FHA mortgage.
  • FHA Refinance Land contact.
  • FHA Refinance a Rent TO Own Purchase.
  • Easier credit and income qualifications.
  • FHA regulated closing costs.

FHA STREAMLINE MORTGAGE REFINANCE:

  • FHA refinance your current FHA mortgage with NO Appraisal!
  • No Cost Interest Rate Reductions programs.
  • No Income or Credit Qualifications.
  • Easily switch from Adjustable mortgage to FHA Fixed Mortgage
  • Easily shorten or lengthen term of your existing loan.

FHA CASH-OUT MORTGAGE REFINANCE: If you have built up equity in your home and your financial situation may benefit by access to extra cash, you may want to consider an FHA Cash Out Mortgage Refinance.FHA Cash Out Mortgage Refinancing may be right for you if you would like to:

  • Reduce the amount of high-interest debt you have, including credit cards or student loans
  • Pay off Higher Interest Debt
  • Obtain cash for medical bills or other expenses
  • Plan a Special vacation or spend the funds as you wish.

FHA REFINANCE TO HELP HOMEOWNERS

FHA  just announced the monthly FHA mortgage insurance costs (PMI) is going to be reduced for 2015. This is not only great news for new home buyers purchasing with FHA financing but also wonderful news for existing FHA mortgage holders that pay higher mortgage insurance costs each month.  If you received an FHA mortgage over the last 5 years, you are likely paying the higher FHA MIP rate of 1.15% – 1.35%.  Please contact us below to see if an FHA refinance with the new lower .85% MIP makes sense for you.  In addition to the FHA MIP reductions, interest rates are near all-time lows.  This means qualified homeowners may be able to lower their interest rate at the same thus increasing their monthly savings even more.

FHA REFINANCE SUMMARY OF OPTIONS:

  • Streamline FHA Mortgage Refinance: The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage OR convert a current FHA adjustable rate mortgage into a fixed rate. A Streamline FHA Refinance Loan can be performed quickly and easily.  It typically requires less paperwork than a normal refinance and often no appraisal, qualifying debt ratios or income verification. Current home loan to value or “LTV” is not important. So if you are underwater on your home value, this is the program for you.
  • FHA Mortgage Refinance Rate/Term: The FHA rate and term refinance  is for U.S. home owners who currently have a conventional fixed rate or ARM mortgage and wish to FHA mortgage refinance into a lower interest rate. Remember, you do NOT have to currently have a FHA mortgage to FHA refinance into one.  The FHA rate/term mortgage refinance helps borrowers who wish to have a secure FHA-insured fixed rate mortgage.
  • Cash-Out FHA Mortgage Refinance: A Cash Out FHA mortgage refinance  is perfect for the homeowner who would like to access the equity accumulated in their home. The FHA mortgage loan is perfect for  homeowners whose property has increased in value since it was purchased. With an FHA cash out mortgage refinance, you can access up to 85% of your home’s value (Loan to Value) and use the money to pay off higher interest debt like credit cards, car payments.