FHA Loans - Refinance

Available FHA Loan Types

Refinancing with an FHA Loan is a great way to tap into the equity in your home either for debt consolidation or to do some improvements to your property, refinance out of an adjustable rate mortgage or just lower your interest rate. Now has never been a better time to refinance and use the FHA mortgage program to better you, your family and your financial situation. Contact one of the FHA experts at www.whatisYourRate.com by filling out the form to the right. Since 1934 The Federal Housing Administration has been helping people to become homeowners and/or refinance there homes. For clarification- FHA is not a lender; they simply insure your loan so that lenders can offer you better rates. FHA is an insurance policy for the lenders against default. All FHA loans carry MIP (mortgage insurance premium). Want more information now? Contact one of our FHA Mortgage Specialists to learn how FHA financing can benefit you and get started now with FHA financing! Cash Out Financing If you are a homeowner and you have equity in your property then this may be for you. This type of refinancing allows you to refinance your existing mortgage by taking out another mortgage for more than you currently owe. This gives you cash you need by accessing the equity you have built up in your home. Cash Out Financing can be used for many great reasons, some of the more common ones include: College Tuition - get a piece of mind knowing your children are taken care of Home Repair/ Home Improvement- make much needed repairs and increase the market value of your home Debt Consolidation- pay off other debts. Consolidate a first and second mortgage, payoff credit cards, etc. Family Vacation - take some much needed R&R This type of refinancing is best done once you have built up some significant equity in your home. As of today (04/01/2009) FHA cash-out refinancing is limited to 85% loan to value. For more help, please contact one of FHA Mortgage Specialists by filling out the form to the right or calling 888-790-0292. Rate and Term Refinancing FHA rate and term refinancing is another option if you are looking just to lower your rate, change the term of your loan or consolidate purchase money 1st and 2nd mortgages. With rates currently in the 5% range now is a great time to lower your monthly mortgage and get the security of a fixed 30 or 15 year FHA insured mortgage. Again please fill out the form on the right or call 888.790.0292 and a FHA expert will assist you in your refinance request.

No Obligation! FHA Loan Information Request. * - Indicates Required Field Property Type: Select One Single Family Residence Condominium Townhome Multi Family Propery State Select State AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN TX UT VA VT WA WI WV WY Loan Amount Desired: What Is your Time Frame: Immediately Within 30 Days 30-60 days 60-90 days 3 Months 6 Months 12 Months More than 1 year What Is your Credit History: Select Credit History Excellent Good Fair Poor What is the purpose of this FHA Loan Request: Purchase Refinance FHA 203K Rehab HECM Streamline Refinances First Name:* Last Name:* Street: City: State: Select State AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN TX UT VA VT WA WI WV WY Zipcode: Phone:* eMail:* How did your hear about us: Select One Search Engine Email Print Ad Referred By Friend Radio Other Comments:

FHA Home Loan Guarantee Program

• FHA loans offer a loan guarantee for mortgage companies. If you acquire a FHA loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.
• You can pay as little as a 3.5% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan. The FHA can guide you toward programs that require no down payment.
• You can purchase manufactured homes and condominiums with a FHA loan.

FHA loans are a great way for individuals and families to purchase a home with no down payment and favorable mortgage loan terms. However, it is important to consider your credit history before you apply for a FHA loan. Before you can apply for a FHA loan, the FHA will examine your credit history for any obstacles that would cause you to be denied a loan.

Some of the credit requirements the FHA has for loan approval include:

• To be eligible for a FHA loan you must have at least two lines of credit, such as rent history, or utility or cell phone bills. In some cases, the FHA may accept other forms of credit that do not appear on your credit history. If you do not have a credit history, it is to your benefit to establish some type of credit and make the payments on time. This will improve your credit score and show a history of timely payments that the FHA needs to approve you for a loan.
• If you have a history of late payments, the FHA may overlook them. To qualify for a FHA loan you must have an overall on-time payment history. The FHA understands that sometimes financial difficulties occur and may overlook a period of late payments on your credit history as long as your overall payment history is consistent.
• In most cases you can not get a FHA loan if you have had a foreclosure within the last three years. The FHA will look at the circumstances surrounding the foreclosure and then decide if you are eligible for a loan.
• If you have any delinquent federal debt such as student loans or tax liens, you are not eligible for a FHA loan.
• If you have judgments against you, you still may be eligible for a FHA loan if the judgments are paid before closing.
• If you have items that are in collections, you still may still be eligible for a FHA loan if your credit history meets FHA requirements.
• If you have filed for a Chapter 7 bankruptcy, you still may qualify for a FHA loan if the bankruptcy has been discharged for a minimum of two years, you have stable employment, and you have re-established good credit. If you are married, these conditions also apply to your spouse.
• If you have filed for a Chapter 13 bankruptcy, you must have made your payments on time and adhered to a payment plan for at least one full year to qualify for a FHA loan. You must re-establish your credit and be in good standing. You must also have a stable job and be able to make the payments on the amount of the loan for which you apply. You will also need written approval from the bankruptcy court trustee, and you must submit a written explanation of why the bankruptcy occurred with your loan application.