May 11, 2021

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Articles Tagged With: FHA Refinance

FHA Loan Limits: Where To Find Them

FHA Refinance Loans: Maximum Loan Calculations

How much can you get to refinance your home loan? Much depends on the nature of the refinance loan you seek–cash out, no cash out, simple refinance, FHA Streamline refinance loans, etc. What is the maximum loan-to-value ratio for an FHA refinance loan? FHA Refinance Loans Have Maximum Loan-to-Value Ratios FHA loan rules vary depending on the nature of the refinance loan. For example, appraisal-required cash out refinance loans? Cash-out refi mortgages guaranteed by the FHA feature an 85% loan-to-value ratio. Simple refinances have a maximum mortgage loan-to-value ratio of 97.75 percent for Principal Residences and 85 percent for HUD-approved Secondary Residences. Streamline Refinances For owner-occupied Principal Residences the “maximum Base Loan Amount” for Streamline Refinances is the lesser of the outstanding principal balance of the existing Mortgage as of | more...

 
Higher FHA Loan Limits In 2021

Uses For An FHA Cash-Out Refinance Loan

If you are thinking about applying for a cash-out refinance loan, you likely have some ideas about what you want to use the money for. FHA Cash-Out refinance loans allow the homeowner to convert equity built up in the home and take it out in cash. The amount of cash back is determined once the original loan and the closing costs of the new loan have been dealt paid.   How to use the money? Some want an FHA cash-out refi to do home improvements with no restrictions on how the cash gets used. These loans don’t have the same restrictions on how the funds are used when you compare them to the FHA 203(k) Rehabilitation loan which allows a refinance and improvements to be made using loan funds. But | more...

 
Is your credit ready for an FHA loan?

Preparing Your Finances For An FHA Mortgage: Debt

The debt-to-income ratio is a calculation that your lender will use to determine the amount of your monthly financial obligations compared to the amount of income you have. The debt-to-income ratio is an important tool for the lender. The more income you have compared to outgoing payments every month the better, your lender needs to justify you as a good credit risk. So how do borrowers with a lot of debt deal with this problem? This is an important factor because if the ratio is too high yor lender can’t justify the loan. Borrowers should learn what the FHA considers to be “debt” and what things are not automatically counted as part of your debt ratio in order to view their finances the way the lender will. FHA Home Loans | more...

 
FHA Loan Options

Make The Most Of Your FHA Home Loan

Your home loan choices aren’t limited to the type of home loan available to you. Yes, the marketplace offers FHA, conventional, USDA, VA, and other options. But some of the choices found in the FHA home loan program may change the way you think about buying a home. Should you build instead of buy? Should you consider a fixer-upper? Or would you rather buy an existing house you can move into right away? FHA Loan Program Options It’s not a simple matter of deciding between whether to have a home constructed on your own lot by applying for an FHA One-Time Close construction loan, or choosing the FHA 203(b) loan to purchase an existing-construction home. Borrowers also have the option to choose a fixer-upper home and apply for an FHA | more...

 
FHA Refi loans

Questions You Should Be Asking About FHA Refinance Loans

Refinancing your home loan can be a smart move for some homeowners, especially in times where rates are low. At press time, the rates in March of 2021 are rising, but FHA mortgage loan rates have up to this point still remained below the three percent line, so it’s still a good idea to consider your refinance loan options if you want a lower interest rate. Remember, rates are subject to change and in 2021. We’re going to see a LOT of rate changes if current indicators provide any clues to the future or mortgage loan interest rates. Mortgage loan interest rates last year back in 2020 hit three-year interest rate lows due to a variety of factors including hangovers from trade war woes with China, the coronavirus, and other | more...

 
Buying a House In The Era of Corona

FHA Home Loan Resources For New Borrowers

Are you thinking about your first home loan for 2021? Are you considering your options for your very first refinance loan? There are some important resources you should know about that can help you in the planning stages. Know Your FHA Loan Limits If you don’t know what the FHA loan limits are for your county for 2021, you can look at the FHA.gov official site, but you can also look at home loan websites to view both the rundown of 2021 home loan guaranty limits but also get information in getting pre-qualified, etc. When exploring your area FHA loan limits, don’t forget that the limits increase if you purchase a multi-unit property. The single-unit FHA loan limit is lower than the four-unit FHA loan limit and borrowers are permitted | more...

 
FHA Home Loan Rules For Construction Loan Escrow Accounts

FHA Home Loan Options: Build Or Buy A Home In 2021

Do you want to own your own home in 2021? The FHA Single-Family home loan program is an excellent option for future homeowners who want to build or buy a home in the new year. What are your options for buying a house with an FHA mortgage? Those who have good credit (620 or better) and are not in a hurry to move in as soon as possible should consider applying for an FHA One-Time Close (OTC) construction loan to build a home from the ground up on your own land or on a lot you buy in conjunction with the construction loan. Another option for those who aren’t in a hurry to move in is the FHA 203(k) Rehabilitation mortgage, which is intended to help you buy a fixer-upper | more...

 
FHA Options

Prepare Now For Your Refinance Loan In 2021

Are you excited by the historic low interest rates that happened in 2020 and have your eye on a refinance loan in the new year come 2021? Do you need a lower mortgage payment? Perhaps you would like a lower interest rate on your current home loan? Some borrowers have different needs–some feel stuck in adjustable rate mortgages and want to refinance into a fixed-rate mortgage loan instead. These scenarios can be addressed with an FHA refinance loan and if you’re thinking about applying in 2021 its best to become as familiar as you can with the types of refinance options open to you when it’s time to refinance a non-FHA mortgage or an existing FHA home loan. Consider An FHA Refinance Loan In 2021 The same kinds of preparations | more...

 
FHA Home Loan Resources

FHA Home Loan Resources

If you are thinking of applying for an FHA home loan or an FHA refinance loan, there are some important resources you should know about in the planning stages. These resources can help you prepare for your loan application, give you information about estimated mortgage payments, and help you located FHA loan limit information for your county. The first thing a potential home buyer should know about is the ability to contact the FHA to get a referral to a HUD-approved housing counselor who can help you understand the mortgage loan process, what it means to start preparing your credit for a home loan, and more. You can contact the FHA directly by calling 1-800 CALL FHA to request your referral. Another important resource? Online listings of FHA loan limits | more...

 
FHA and HUD

Reasons To Refinance

There are good reasons to refinance your mortgage, and there are reasons that aren’t advisable. What do you want to accomplish with your refinance loan? Borrowers looking for cash out might list that as the primary reason but what you plan to do with that cash could be just as important as the home loan itself. There are many reasons to consider refinancing your home loan with an FHA refi loan. One is to get into a lower interest rate–whether you have an existing FHA mortgage or a non-FHA loan, you can refinance into an FHA loan with the goal of getting a lower rate. It’s a very good idea to let your participating FHA lender know the specific reason you want to apply for refinancing. If getting a lower | more...