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Articles Tagged With: FHA Refinance Loan Rules

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 loans

Need An FHA Refinance Loan?

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...

 
FHA loans

FHA Cash-Out Refinancing vs. VA Cash-Out Refinancing

What are the major differences between VA Cash-Out Refinance loans and the FHA Cash-Out Refinance loan program?  There are several, and some borrowers may have the option to consider both, including active duty military members, Reservists, members of the National Guard, veterans, and certain surviving spouses of military members who died as a result of military service. And then there are borrowers who are just trying to compare the options on the market. These house hunters may also be reviewing other home loan options such as USDA and conventional loans. What should people know about the FHA and VA versions of this refi loan option? As you can guess from the above, VA mortgages and refinance loans aren’t offered to the general public. Some sources report that in 2019 alone | more...

 
FHA Options

FHA Refinance Loan Q&A

Thinking about a refinance loan but not sure where to start? There are some common questions about refinancing your home loan, we provide some answers to them below from cash-out refinancing to rehabilitation loans. When Can I Refinance My FHA Mortgage? That may depend on the type of refinancing you seek. You can get an FHA Cash-Out Refinance loan once you have owned and occupied the property for 12 months.  For FHA Rate-And-Term Refinances, you can own the home for less than 12 months but the loan-to-value ratio will be lower than if you apply after having owned and occupied the home for more than 12 months. FHA Streamline Refinance options require you to own the home for at least six months. Can I Refinance A Non-FHA Mortgage Into An | more...

 
FHA mortgage

FHA Refinance Loan Options

No two refinance loan programs are exactly identical–depending on the program and the lender you may find terms and conditions vary.  For example, where FHA Home Equity Conversion Mortgages are concerned, there is a minimum age you must be (62 or older) to qualify. That is NOT true of FHA Cash-Out Refinancing or FHA Simple Refinance loans. What’s more, FHA refinance loans do not have the same terms and conditions.  For example, these refinance loans may, depending on the participating lender, allow you to refinance an adjustable-rate mortgage (ARM) into a fixed rate but also may permit you to go from one adjustable-rate mortgage to a new ARM. And that loan could be a 15-year or a 30-year loan depending on your financial needs and goals. There are many choices | more...

 
FHA Home Loan

Advantages Of An FHA Cash-Out Refinance Loan

Do you know the advantages of an FHA cash-out refinance loan? There are several, especially if you are considering an FHA loan to get money to renovate your existing home. FHA Cash-Out Refinancing Loans: Good For FHA and Non-FHA Mortgages FHA cash-out loans are for all mortgages, FHA, or not. You can refinance a USDA, VA, conventional, existing FHA loan, etc. The rules to qualify are the same no matter what kind of home loan you wish to refinance, and the longer you have been making mortgage payments, the better. FHA Cash-Out Refinance Loan Funds Are Not Restricted The uses you put your cash-out refinance money towards is not restricted; you can use your cash-out funds any way you see fit. That includes debt consolidation, vacations, and home repair. FHA Cash-Out | more...

 
the importance of credit for home loan approval

Refinance Loan Issues To Consider

Are FHA refinance loans only permitted to refinance existing FHA mortgages? The short answer is that it depends on the loan you wish to refinance and why. Some FHA refi options can be used for any mortgage loan, while others are only for existing FHA mortgages. The First Thing You Should Know FHA mortgages are not need-based loans and neither are most refinance options under the FHA Single-Family Home Loan program. FHA loans have no income limit, no household income caps, and are not specifically targeted at a first-time borrower. If you have a stable income, have been in the job market for more than a year (two years or better is considered ideal), and have 12 months or more of on-time payments, you may be able to qualify for | more...

 
FHA refinance loans: Questions To Ask

Is 2022 Your Year To Refinance?

Are you thinking about refinancing your home in 2022? There are several options to choose from including FHA cash-out refinancing. FHA Cash-out refinance loans are an option for those who have used the home as their primary residence for the last 12 months as of the assignment of the FHA case number.  That means that FHA cash-out refi loans are not allowed for investment properties, second homes, vacation homes, etc. If you don’t plan to use a property as your home, the home may not eligible for many FHA loan options. There is one exception–those who inherit property may refinance it without a minimum occupancy requirement. There is one caveat according to the FHA Single Lender’s Handbook: “In the case of inheritance, a Borrower is not required to occupy the | more...

 
FHA home loan

FHA Refinance Loans Versus Freddie Mac Refi Possible

FHA refinance loans are a good option for borrowers who may need a more flexible credit score requirement to apply, and for those who want to get out of an adjustable-rate mortgage into a fixed-rate home loan. But how does the FHA refinance loan program compare to the conventional Freddie Mac Refi Possible program? Some wonder if they shouldn’t consider a conventional refinance loan program like Refi Possible instead of an FHA refinance option. Should you get a Refi Possible loan instead of an FHA Streamline Refinance or an FHA Cash-Out Refinance? For some borrowers, who meet the Freddie Mac requirements for this program, the answer is yes. These are borrowers that meet the Freddie Mac income restrictions for the program (income at or below the area median income guidelines for | more...

 

Can I Refinance My FHA Mortgage Without A Credit Check?

Some borrowers need to get a lower interest rate. Some borrowers want out of an adjustable-rate mortgage. Others are interested in pulling the equity built up in their home. The way to get these things done with an existing mortgage is to refinance the loan. FHA home loans include refinance options for all of the needs mentioned above, plus there is an option to apply for a rehab refinance loan (the FHA 203(k) Rehabilitation Refinance) to simultaneously refinance the home and get loan money for approved repairs, improvements, and upgrades to the home.  You can also apply for FHA cash-out refinancing to cash in on the equity in your home. In most cases, a refinance loan will require a new credit check and an appraisal–especially if you’re looking for cash | more...