Articles Tagged With: Refinance

April 21, 2021

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...

Conventional Loan Interest Rates Make History, FHA Loan Rates Still Incredibly Low

September 4, 2018

Five Things You Should Know About FHA Refinance Loans

By Bruce Reichstein

Five things you should know about FHA refinance loans include the fact that you can find an FHA mortgage to refinance any typical home loan, you can get a refinance loan with cash out, and you can refinance a home to remove an ex-coborrower, spouse, or other persons from the mortgage. #5: FHA Refinance Loans Are Available For Both Existing FHA Mortgages And Non-FHA Mortgages You may only refinance a mortgage using an FHA refinance loan, but the types of mortgage you can refinance include FHA, VA, conventional, USDA, etc. You do not have to have an existing FHA mortgage to apply for FHA refinancing. You are required to occupy the home being refinanced with the FHA mortgage, and refinance loans for secondary residences may be limited depending on the | more...

December 20, 2017

What Is The Difference Between FHA Cash-Out And No Cash-Out Refinance Loans?

By Joe Wallace

What is the difference between FHA Cash-Out and No Cash-Out refinance loans? Aside from the obvious cash out option, there are several important differences in these two types of FHA refinance loans you should know about before you decide which one is right for you. FHA Refinance Loan Occupancy Requirements FHA loans generally require at least one borrower obligated on the loan to occupy the property as the primary residence as a condition of loan approval. But beyond that, cash-out refinance loans and FHA no cash-out refi loans have some other occupancy rules you should know. For FHA Cash-Out refinancing, HUD 4000.1 instructs the lender, “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 | more...