FHA Refinance

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FHA 3/1 ARM |FHA Reverse Mortgage – HECM | Streamline Refinances

FHA refinancing is today’s most commonly used refinance loan option. A main reason for this is the less stringent approach to pricing their loan. Conventional loans these days come with an abundance of “adjustments” that inflate your rate way above the low rates that you find on most advertisements. This adjustments are for FICO score, current equity positions, and if you have any secondary mortgages. FHA does not have such adjustments that allow you to take advantage of historically low interest rates.

FHA refinancing is a better option if you have a fair to good credit rating, because generally, the standards are less strict. Qualifying for conventional refinancing can be challenging with their more stringent qualifying guidelines.

Options for FHA Refinances

FHA Streamline Refinance Requirements

When you have an existing FHA mortgage there are requirements that may apply when trying to refinance your current FHA loan with a FHA loan. Keep in mind the following are simply guidelines-each borrower’s situation is different. The best way to work through your options is to talk with a mortgage specialist.

What are advantages of an FHA Streamline Refinance?

FHA Cash Out Refinance

FHA cash out refinance is when a home owner pays off their existing for more than they currently owe. This is allowed by taking advantage of your home’s currently equity position. The amount that the homeowner is restricted to borrow is determined by the by the home’s current home value (also referred to as LTV) compared to the new loan amount.

Below are requirements of a FHA cash-out refinance:



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