December 15, 2017

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Articles in Category: FHA Refinance

FHA Refinance Loan Options

FHA Refinance Loan Options

Are you considering your FHA refinance loan options in 2018? There are several different options to choose from depending on your financial needs and goals. What do you want to do with an FHA refinance loan? Lower Your Monthly Mortgage Payments There are FHA refinance loan options that can help lower your interest rate or monthly payments, depending on circumstances. Some borrowers with non-FHA loans want to refinance into an FHA mortgage because of potentially lower interest rates. This is often done with an FHA no-cash out refinance loan option. Whether you will get lower monthly payments on an FHA no-cash out loan depends on several factors including your credit scores, the current amount you are paying on a home loan, and whether you choose to finance certain expenses associated | more...

 
FHA Home Loan Refinance Options in 2018 Explained

FHA Home Loan Refinance Options in 2018 Explained

FHA home loan refinance options in 2018 include a variety of terms. Are you a first-time refinance loan applicant and feeling a bit confused by all the jargon? Here is an explanation of the options you have to refinance your home loan in 2018 using an FHA refi loan. FHA Cash-Out Refinances Defined What is a cash-out refinance loan? According to the FHA loan handbook, HUD 4000.1, cash out refinancing is described as, “a refinance of any Mortgage or a withdrawal of equity where no Mortgage currently exists, in which the mortgage proceeds are not limited to specific purposes”. You read that correctly-some participating FHA lenders may approve an FHA cash-out refinance loan on a property that has no existing mortgage, for the purpose of pulling equity out of the | more...

 
Can I Get Cash Back On An FHA Mortgage?

FHA Refinance Loan Options For 2018

FHA refinance loan options in 2018 include options for cash-out refi, FHA Streamline loans, and more. The right home loan refinance option for you depends on your financial needs and goals. What do you want to do with your FHA refinance loan? Get A Lower Interest Rate, Monthly Mortgage Payment If your goal is to reduce the amount of your mortgage payment every month, and you have an existing FHA home loan, the FHA Streamline Refinancing option is definitely for you. Streamline refinance loans are for existing FHA mortgages and generally require a lower interest rate and/or monthly payment as a condition of loan approval. Basically, there must be some type of tangible benefit for an FHA Streamline Refinance loan-the lower payment or interest rate is one of those. But | more...

 
What is a rate and term refinance?

Happy Thanksgiving!

Happy Thanksgiving! Today we pause from our usual discussion of FHA home loans, refinance loans, FHA reverse mortgages and related topics to enjoy the holiday. Our regular schedule of posts resumes on Friday. Have a safe and fun Thanksgiving holiday and we’ll see you tomorrow!

 
What Kinds Of Property Can I Buy Or Refinance With An FHA Loan?

What Kinds Of Property Can I Buy Or Refinance With An FHA Loan?

What kinds of property can I buy or refinance with an FHA loan? This is a question we’ve been examining lately, starting with the FHA requirement for homes to be used as the primary residence for at least one person obligated on the mortgage note. But there are other requirements borrowers need to know when looking for a home to buy with an FHA mortgage. Eligible Property Types For FHA Single-Family Loans HUD 4000.1 explains, “FHA’s Single Family programs are limited to one-to four-family Properties that are owner-occupied Principal Residences. FHA insures Mortgages on Real Property secured by: -detached or semi-detached dwellings -Manufactured Housing -townhouses or row houses -individual units within FHA-approved Condominium Projects” The occupancy requirements are identical for all property types. The actual date of occupancy may vary | more...

 
What Do I Need To Qualify For An FHA 203(h) Rehab Loan For Disaster Victims?

What Do I Need To Qualify For An FHA 203(h) Rehab Loan For Disaster Victims?

What do I need to qualify for an FHA 203(h) rehab loan for disaster victims? Those in the hardest-hit areas may require complete replacement of a home damaged or destroyed by Hurricane Harvey, Hurricane Irma, Hurricane Maria, or California fires. But what are the basic requirements of the FHA 203(h) rehab loan? FHA 203(h) Rehab Loans Are For Those In Federally Declared Disaster Areas The basic requirement for an FHA 203(h) rehab loan is that the applicant’s property is located in a federally declared disaster area. According to HUD 40001., “The previous residence (owned or rented) must have been located in a (federally declared disaster area) and destroyed or damaged to such an extent that reconstruction or replacement is necessary. A list of the specified affected counties and cities and | more...

 
How do FHA refinance loan requirements work?

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 really 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 | more...

 
What is a rate and term refinance?

What Is An FHA Rate And Term Refinance?

What is an FHA rate and term refinance? This refinance loan is different than FHA cash-out refinancing or reverse mortgages. The rules that cover FHA rate and term refinancing are found in the FHA loan handbook, HUD 4000.1, and explains how this type of mortgage differs from the rest. What Are FHA Rate And Term Refinance Loans? HUD 4000.1 defines an FHA rate and term refinance loan as follows: “Rate and Term refers to a no cash-out refinance of any Mortgage in which all proceeds are used to pay existing mortgage liens on the subject Property and costs associated with the transaction.” Who Is Eligible To Apply For An FHA Rate And Term Refinance Loan? HUD 4000.1 explains that “at least one Borrower” named on the original home loan as | more...

 
How can I get cash back with an FHA loan?

How Can I Get Cash Back With An FHA Mortgage?

How can I get cash back with an FHA loan? It’s a question many want to know, especially those who might be interested in applying for “more” FHA loan than is needed to complete the transaction. Is getting cash back at closing time possible with an FHA mortgage? The answer depends greatly on the type of transaction you seek. Some loans do not allow any cash back except for refunds, others are designed to offer money to the borrower at closing time depending on the terms of the loan and other factors. FHA New Purchase Home Loans If you are asking the cash back question about FHA forward mortgages (loans used to buy a home on the housing market as opposed to a refinance loan or an FHA reverse mortgage), | more...

 
Can I refinance a conventional mortgage to an FHA loan?

Can I Refinance A Conventional Mortgage To An FHA Loan?

Can I refinance a conventional mortgage to an FHA loan? It’s a very good question to ask, especially if you are interested in moving out of an adjustable rate mortgage into a fixed-rate loan. Do you know what your FHA home loan refinance options are? FHA Refinance Loans For Conventional To FHA It is possible to refinance a conventional mortgage to an FHA loan. According to the FHA loan handbook, HUD 4000.1, there are several options for FHA refinancing, including non-FHA to FHA transactions: “FHA insures several different types of refinance transactions: 1. Cash-out refinances are designed to pull equity out of the Property. 2. No cash-out refinances of FHA-insured and non FHA-insured Mortgages are designed to pay existing liens. These include: Rate and Term refinance, Simple Refinance, and Streamline | more...