FHA MORTGAGE REFINANCING

FHA MORTGAGE REFINANCING

Getting a new FHA insured mortgage to replace your current mortgage called FHA refinancing. FHA refinancing can be completed when a homeowner needs a refinance outside of the traditional conventional mortgage refinancing guidelines. When you refinance with FHA the first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage. For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed, and obtain a lower interest rate. Borrowers with bad credit and even no credit score even homeowners in a chapter 13 bk refinance to FHA cash-out  or debt consolidation.

FHA MORTGAGE REFINANCE CASH-OUT 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.

FHA MORTGAGE REFINANCE 96.5% RATE OR TERM:

  • Lower FHA Credit requirements
  • 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 MORTGAGE REFINANCE STREAMLINE:

  • 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 MORTGAGE CASHOUT 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.

If you are looking to get FHA cash out of your refinance mortgage, the process of refinancing into an FHA loan will be like applying for a mortgage when you are buying a home. This includes obtaining an appraisal for the value of your home and supplying financing documents.

WHAT IS AN FHA STREAMLINE REFINANCE? The FHA Streamline Refinance is a special mortgage product provided by FHA mortgage lenders for homeowners with existing FHA mortgage loans. FHA streamline refinancing are the fast and easy way for FHA-insured mortgage loan occupants to refinance their current mortgage loans into today’s low mortgage rates.

FHA STREAMLINE MORTGAGE REFINANCE SUMMARY- The FHA Streamline mortgage refinance is available to homeowners that currently have an FHA mortgage. The FHA Streamline refinance program waves much of the required documentation required by FHA mortgage lenders, including a new FHA appraisal, income verification, bank statements. Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are Homeowners with an FHA mortgage can use the streamline refinance program to lower their FHA (MIP) mortgage insurance premiums and lower their interest rate with a fast and easy streamlined process.

FHA STREAMLINE REFINANCE REQUIREMENTS:

  • The FHA mortgage to be refinanced must be current (not delinquent).
  • The FHA mortgage to be refinanced must already be FHA insured.
  • The FHA refinance results in a net tangible benefit to the borrower.

The definition of net tangible benefit varies based on the type of FHA mortgage being refinanced, and the interest rate and/or term of the new loan
Cash out more than $500 may not be taken out on FHA mortgages refinanced using the streamline refinance process.

DIFFERENCES WITH AN FHA STREAMLINE REFINANCE- The biggest difference with an FHA streamline refinance is that you do not need a new FHA appriasal to lower your interest rate and FHA mortgage insurance premiums. In place of a new FHA Appraisal with a streamline FHA mortgage refinance you can use the original purchase price as your home’s current value, regardless of what your home current  worth today. As a result of the FHA streamline refinance program regardless of what your home is worth today, even if you underwater can still lower their current monthly mortgage payments.

FHA REFINANCE WITH NO APPRAISAL, NO INCOME, NO JOB OR CREDIT VERIFICATION- When a homeowner with an FHA Mortgage uses the FHA streamline refinance there is No Income, No Appraisal, No Income or Job Verification! The biggest advantage is that the FHA Streamline Refinance is very easy to qualify for and faster to complete than a regular refinance transaction.

Aside from the “no appraisal” trait, for the most part, the FHA Mortgage Streamline Refinance performs just like any other conventional mortgage refinance program. You can FHA streamline mortgage refinance and get either a 15 year or 30 year term; and there’s no FHA prepayment penalty with any FHA mortgage.

Another big plus of an FHA mortgage refinance rates are the same in the FHA Streamline Refinance as with a “regular” FHA mortgage refinance. There’s no penalty for being underwater or being upside down on your mortgage. Earlier this decade, in an effort to help U.S. homeowners during the housing collapse, the FHA mortgage refinance abolished most of the typical verification’s required to get a FHA mortgage.