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Articles Tagged With: FHA Cash-out Refinance

FHA mortgage

FHA Refinance Options For 2024

Many expect home loan rates to start falling in 2024. Some potential FHA loan applicants want to know what kinds of refinance opportunities wait for them as the housing market recovery gets underway, however slowly. We explore some of the options below. FHA Refinance Loan Options You have multiple choices when it comes to FHA single-family home loan refinance options. They include FHA cash-out refinancing, FHA streamlines refinance loans, and no-cash-out FHA refinances loans. You can refinance an existing property with an FHA 203(k) rehab loan that lets you refinance and renovate simultaneously as an alternative option. Streamline Refinance Loan Option In Early 2024 Mortgage loan interest rates are too high at press time to consider using an FHA streamline refinance option. FHA streamline refi loans are for those who | more...

 
FHA Options

FHA Refinance Loans In 2024

2023 was a tough year if you needed a refinance loan. Purchase loan interest rates and refinance loan rates saw the 8% range move into clear view in 2023. And that stopped some borrowers in their tracks, not wanting to refinance their home loan at a higher rate. Did it pay to hold off on a refinance in 2023? The short answer in this particular case is yes. Mortgage rates started moving lower in the final weeks of 2023, and financial pundits are hopeful that the new year will bring more recovery in mortgage rates suitable to tempt those interested in refinancing. October 2023 High Water Mark For Mortgage Rates? Rates began recovering from the October highs, recovering back down to numbers in 7% range. There are expectations of further | more...

 
FHA loans

Loan Options For Remodeling Your Home

In the last quarter of 2023, mortgage rates and high house prices are negatively affecting the home improvement industry. That may lead to higher costs associated with remodeling your home. Bloomberg published an article in late 2023 noting that home improvement spending hit major highs during the pandemic; Lowes, Home Depot, and other brands may have earned more from these endeavors during lockdown, but the numbers may be telling a different story post-pandemic. And prices are going up. When remodeling costs rise, some borrowers only scale back their plans to the most needed repairs. But even with a less ambitious plan, funding is still needed, especially with Lowes and Home Depot prices creeping higher for raw materials and tools. Fortunately, there are FHA home loan options that can help. Home | more...

 
FHA Options

How Long Does It Take To Refinance Into A Lower Mortgage Rate?

In an age of high mortgage loan interest rates, some borrowers don’t have a choice. They have to buy soon and can’t afford to wait out the housing market. Some of these borrowers purchase a home with the goal of refinancing as soon as the rates fall to a better place. At press time in 2023, those rates have NOT fallen to a better place, buying now and refinancing later is an option getting more popular by the day, or so it seems. Planning Ahead Is Key Borrowers approved for FHA mortgages at the higher interest rates available at press time are wise to consider a refinance loan once home loan interest rates have fallen again but they aren’t always sure what the best options are. And more importantly to | more...

 
FHA Options

FHA Refinance Loan Myths

FHA refinance loan myths keep some potential borrowers from making a truly informed choice about what to do when applying for a cash-out refinance loan, reverse mortgage, or rehab loan. Know the facts before you decide! FHA Refinance Loans And Changing Lenders It’s a myth that you can’t refinance your home with a different financial institution than what you started with. You are not required to use your original lender when refinancing a mortgage loan. This is true regardless of whether your original mortgage is an FHA loan. Your original mortgage can be refinanced into an FHA loan, even if it is a conventional mortgage or other type of non-FHA loan. You may need to change lenders if your current mortgage is a non-FHA loan and your lender does not | more...

 
FHA and HUD

How To Get Cash Out Of Your Home

When you buy a house with an FHA loan, you start building equity with your 3.5% down payment. Once you begin making FHA loan mortgage payments, you continue to build equity in your property over the lifetime of the mortgage. But how do you take equity out of your home? We explore some important options below. Home Equity Loans And Home Equity Lines Of Credit The FHA does not offer a home equity line of credit, this is an option available from many conventional lenders and offers you a line of credit using your house as the collateral. The closest an FHA mortgage gets to a home equity loan is the FHA Cash-Out Refinance loan, which does tap into the unused equity in your house. FHA Cash-Out Refinance Loans FHA | more...

 
FHA loans

How Do FHA Refinance Loan Requirements Work?

How do FHA refinance loan requirements work? There are myths and misconceptions about FHA refinance loans; knowing how they work can help you decide if an FHA refinance loan is right for you. FHA Loans Are Available From Participating Lenders You will need to find a lender that participates in the FHA loan program to get an FHA refinance loan. You do not have to use your original lender to refinance into an FHA mortgage. More on that issue below. FHA Refinance Loan Requirements For Non-FHA Loans Yes, you can refinance a non-FHA home loan into an FHA mortgage. Refinancing non-FHA loans can be accomplished with FHA cash-out loans or no cash-out loans. You do not have to use your original lender to refinance from a non-FHA mortgage to FHA; | more...

 
FHA Options

Do You Need To Refinance?

Do you need to refinance your home loan, but aren’t sure what the difference is between an FHA Streamline Refinance loan and FHA cash-out refinancing? These loans have important differences, beginning with the availability of cash paid to the borrower at closing time. One refi option permits cash back, the other does not. FHA Cash-Out Refinancing Loans FHA cash-out refi loans allow the borrower to be paid cash at closing when the costs of the new loan have been satisfied and the original loan has been paid off. These cash-out loans are offered by both FHA lenders and conventional lenders; why should a borrower choose an FHA cash-out refinance? Interest rates are generally lower on government-backed mortgages like FHA refinance loans. That said, your FICO scores will affect the actual | more...

 
FHA loans

Home Renovation With An FHA Loan

There are two kinds of home renovation projects; the ones you plan and the unexpected renovation you may need to do if there is a sudden problem in the home after purchasing it. An unexpected home renovation can be caused by many things that were not a factor at the time your home inspection was done; a water pipe can burst, a stove can prematurely stop working, or storm damage could cause a leak in your roof. Repair experts and contractors will be quick to point out that even a home that passes an inspection can develop such problems through no fault of the builder or seller. An unexpected home repair situation isn’t uncommon for home owners, so what’s a borrower to do when the need arises? You can fund | more...

 
If Your Home Was Damaged In A Federally Declared Disaster Area

FHA Refinance Loans For Your First Home

Why should first-time home buyers start thinking about their FHA refinance loan options sooner instead of later? It’s not because you are actively planning to refinance, but there are circumstances which may make you reconsider your refi loan options. As a millennial home buyer, first-time homeowner, or any other type of borrower, unforeseen events or situations may have you re-thinking your long-term financial plans. There are FHA refinance loan options for first-time home buyers and new homeowners, but some are more appropriate for certain needs than others. FHA Refinance Loans For Upgrades, Repairs, And Home Improvements If your home is damaged in a storm, you experience a fire or flood, or need to repair your roof, an FHA 203(k) rehabilitation loan is the refinance you should ask a participating FHA | more...