Fha Mortgage Refinancing
FHA Mortgage Refinancing
You can refinance into an FHA loan whether you have one now or not. You can refinance to get cash out, use a streamline to pay off bills, or even just refinance to lower your monthly payments. Once those who have a conventional loan learn more about the details of FHA, they begin to see the difference in terms of the benefits that FHA has to offer. For example, there may be some borrowers who had perfect credit when they took out their conventional loan, but then along the way they had job loss, had medical collections, or may have had to file a bankruptcy as a result of these experiences. Its easier to get qualified after a bankruptcy for an FHA loan, than it is for a conventional loan. FHA also offers more options to the borrower if they are having difficulties, because they back the loan for the lender to protect them if the borrower defaults.
If a borrower has a conventional loan, then the FHA mortgage refinancing guidelines will allow them to go up to 97.75% loan to value, so long as nothing is being paid off and no cash is coming back to the borrower at the closing. The only thing that can be included in the loan is the payoff of their current mortgage. FHA does allow cash-out loans on those properties that have been owned for one year prior to the FHA refinance, but it must be a primary residence. These loans do allow for the borrower to go up to the maximum of 85% loan to value, based upon the appraisal of the property.
An FHA refinance mortgage is when a borrower refinances their current mortgage for more than they currently owe in order to pull out the equity that they have built up that has accrued on their home. The amount that any homeowner can borrow is limited by the value of the property compared to the loan amount.
For more information on FHA, and the guidelines associated with FHA mortgage refinancing, please feel free to visit www.fhaloansnow.net. Here you will find valuable information and an FHA calculator where you can input information to help you find out how much you can afford.
by: Mayer Dallal
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