Articles Tagged With: FHA Refi

If Your Home Was Damaged In A Federally Declared Disaster Area

January 2, 2026

FHA Loans For Your First Home Mortgage

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...

July 10, 2025

Is There Such A Thing As A Refund For FHA UFMIP Mortgage Insurance?

By Joe Wallace

Is there such a thing as a refund for FHA Up-Front Mortgage Insurance or FHA UFMIP? This mortgage insurance premium is required on FHA loan transactions and must be paid either in cash at closing time or must be financed into the loan amount. FHA loan rules do not allow a borrower to pay a portion and finance a portion of the FHA UFMIP, it must be paid in full using financing or cash. Borrowers have many questions about this FHA mortgage insurance requirement, including whether or not a refund is possible under the right circumstances. FHA forward mortgages require UFMIP as a condition of the loan no matter if the transaction is an FHA One-Time Close construction loan, existing construction purchase, or whether the borrower is buying a manufactured | more...

May 27, 2025

How Do I Refinance My Home Loan?

By Bruce Reichstein

Are you planning to buy your first home and wondering about your refinance loan options later down the line? Do you already own a house you need to refinance? Good news: refinancing with an FHA mortgage can help you lower your mortgage payment, get out of an adjustable-rate mortgage, or even renovate your house. What does it take to refinance a home loan with an FHA mortgage? Choose The Refinance Loan You Need There are several FHA refinance loan options. If you need to remodel or repair your home at the same time you refinance, you can apply for an FHA 203(k) rehab loan that provides funds for approved upgrades and improvements. However, the FHA rehab refinance loan (also available as a forward mortgage to purchase a fixer-upper) is not | more...

FHA Home Loans And The Biggest Credit Mistake You Can Make

December 16, 2024

FHA Cash-Out Refinance Loan Rules You Should Know

By Bruce Reichstein

What should borrowers know about FHA cash-out refinance loans? If you are thinking of cashing in on the equity built up in your home in 2025, there are some important details to know before you get started. There are a few rules to keep in mind, but some of the most important include how you can use the proceeds of a cash-out refinance loan and the rules the lender follows when verifying the borrower’s eligibility for a cash-out loan. Borrowers may wish to pay off credit card debt with an FHA Cash-Out refinance loan, or use the money to pay off nuisance debt, buy a car, go on vacation, etc. What are the rules for FHA cash-out refinance loans and the money back to the borrower? How To Use FHA | more...

October 18, 2024

When Can I Refinance An FHA Loan?

By Bruce Reichstein

When can I refinance an FHA loan? That is a common question and one that is addressed in the FHA loan handbook, HUD 4000.1. There are rules that govern how and when you can refinance your home loan and those rules will vary depending on the type of refinance loan you seek. Most FHA home loans, including refinance loans and even reverse mortgages, require occupancy as a condition of loan approval. In the case of FHA Cash-Out Refinance loans, occupancy is necessary for at least one year before the new loan. From HUD 4000.1: “Cash-out refinance transactions are only permitted on owner-occupied Principal Residences. The Property securing the cash-out refinance must have been owned and occupied by the Borrower as their Principal Residence for the 12 months prior to the | more...

October 1, 2024

Intro To FHA Refinance Loans

By Bruce Reichstein

The Fed announced a substantial rate cut in 2024. That action has more homeowners thinking about their refinance loan options and how they can take advantage of potentially lower rates to come. Refinancing helps some borrowers save money in interest payments over the long term. It can also, depending on circumstances, help you get into a lower monthly payment. Once rates have fallen to the right levels (for some borrowers) these options get more realistic than they have been in the past two to three years. Refinancing can also result in cash back to the borrower once the original loan has been paid off and the associated closing costs dealt with. Not every refinance loan offers this, but FHA loan programs do include cash-out options. If you need to refinance | more...

September 12, 2024

Need An FHA Refinance Loan?

By Joe Wallace

What do you need to know about FHA refinance loans? If you are considering your options and aren’t sure about some aspects of the FHA refinance process, you may find some answers to your questions below. FHA Refinance Loan FICO Score Requirements FHA refinance loans typically require credit checks and appraisals. There is one exception. There is no FHA requirement for either when you are applying for an FHA Streamline Refinance mortgage. If you need to refinance but worry about your ability to qualify for an FHA mortgage due to credit issues or other problems? Contact the FHA directly at 1-800 CALL FHA. Request a referral to a local, HUD-approved housing counselor who can assist you with planning, budgeting, and other important credit application issues ahead of any purchase or | more...

August 14, 2024

The Credit Check For FHA Cash-Out Refinances

By Bruce Reichstein

Is the credit check for an FHA cash-out refinance loan the same as for a new purchase home loan? Borrowers want to know how their credit will meet lender standards when applying for a refinance loan. Some make the same common mistakes in the months leading up to a refi loan application that others do when applying for a new purchase home loan. What can you do to increase your chances at refinance loan approval? Treat An FHA Cash-Out Refinance Loan The Same As Your Original Mortgage FHA cash-out refi loans require a new credit check and a new appraisal. The new appraisal ensures you are getting the value of your home that market values currently reflect. When rising property values may increase your potential cash out, the appraisal ensures | more...

August 13, 2024

FHA Refinance Options: No Cash Out

By Joe Wallace

FHA “no cash-out” refinance options can help first-time home buyers and experienced homeowners alike. If you need to explore your options to lower interest rates, shorten a loan term, or switch to a fixed-rate mortgage, consider the options discussed below. FHA No-Cash-Out Refinancing The FHA no-cash-out refinancing option is right when you want to modify the terms of your existing loan without getting cash at closing. Refinancing into a fixed-rate, no-cash-out FHA loan is suitable for many when interest rates are at or below the rates the borrower initially qualified for. Refinancing into a fixed-rate loan from an adjustable-rate mortgage can make for a more predictable loan, even if the rate isn’t as competitive as you might like. Having a rate that will not change or will not change again | more...

May 21, 2024

Five Tips About FHA Mortgage Loan Interest Rates

By Joe Wallace

FHA mortgages feature lower interest rates than conventional mortgages thanks to being backed by the U.S. government. And while mortgage rates in 2024 are higher than in years past, FHA borrowers may still qualify for a rate that’s lower than some conventional equivalents. Those who qualify for the lowest down payment save money over the lifetime of their mortgages thanks to the lower rates, but how do you qualify for the lowest rate possible for your specific purchase? Here are some important tips about mortgage loan interest rates you should know in the planning stages of your new home loan. Credit Scores And Interest Rates Are Connected That statement does not pertain to the overall interest rate offered to all borrowers. Your lender will offer you a mortgage loan rate | more...