why should i refinance FHA?

If you have a fair to good credit rating, you should consider refinancing your current home with an FHA loan. FHA loans truly benefit those with a high interest rate, because you can refinance for a much lower rate than conventional refinances. Generally speaking, FHA refinance standards are much lower than convetional refinances due to the fact that FHA loans are insured for lenders by the Federal Housing Administration.

Even if you may not qualify for a convetional refinance, or have been denied one by your bank, you may still qualify for an FHA refinance with a lower rate. By taking advantage of lower interest rates and lowering your monthly payments with an FHA refinance, you'll bring more security to your household, especially in a down economy.

If you have any questions about FHA loans and how you can qualify, please feel free to contact one of our FHA loan specialists at 1(888) 892-1858, or check other topics of our FHA Help Center.

what's the difference between an FHA refinance and a conventional refinance?

If you are considering to refinance your current home and debating between a conventional refinance and an FHA refinance you may consider the many money saving benefits of an FHA refinance before you make your decision.

By choosing FHA refinancing, you'll be enjoying more attrative interest rates over a conventional refinance, as well as lowering your monthly payments. Even if you do not qualify for a conventional refinance, you may still qualify for an FHA refinance due to less rigid qualification guidelines. By lowering your interest rates and monthly payments, an FHA refinance can help you save your home from foreclosure or give you financial security in the downed economy. Not only will you be able to save money with an FHA refinance, you'll be able build security for your family.

If you have any questions about FHA loans and how you can qualify, please feel free to contact one of our FHA loan specialists at 1(888) 892-1858, or check other topics of our FHA Help Center.

FHA streamline refinancing

If you are planning to refinance you home with FHA refinancing, you may want to consider an FHA Streamline Refinance. An FHA streamline refinance allows you to the include the closing costs into the new mortgage amount as well as reducing the amount of processing paperwork required. You can only choose an FHA streamline refinance if there is enough equity in the home after it is apparised. If you chooose not to appraise, you can still qualify for an FHA streamline refinance, however, the new home loan will not be able to exceed the original amount of the mortgage unless the property is considered an investment property.

Also if you are using an FHA streamline refinance, you can take cash out of your mortgage. Depending on your situation, there may be some restrictions by the lender as to what you can use the cash you take out of your home for.

If you have any questions about FHA loans and how you can qualify, please feel free to contact one of our FHA loan specialists at 1(888) 892-1858, or check other topics of our FHA Help Center.

FHA refinance requirements

There are required guidelines when you refinance your home with FHA refinancing. Everyone's situation is different and we recomment that you contact us with any questions you may have to speak with an FHA loan specialist or submit your infomration using our FHA Refinancing Request Form. Here are some simple guidelines that you should consider when choosing FHA refinancing:

• Your mortgage must be current and not delinquent
• The results of the refinance must lower your monthly prinicple and interest payments
• Only streamline refinances allow cash to be taken out of the mortgage
• If you refinance your mortgage with the FHA, it must become insured through the FHA

If you have any questions about FHA loans and how you can qualify, please feel free to contact one of our FHA loan specialists at 1(888) 892-1858, or check other topics of our FHA Help Center.

FHA refinancing for "Fixer Uppers"

If you are planning on repairing or remodeling your home, FHA refinancing is for you. With the 203(k) program from the HUD, you can obtain refinancing for your home improvements. In order to take advantage of this loan, you should:

• First work with an FHA-approved 203(k) lender and make arrangements for a detailed proposal to show the scope of work to be done; this should include a detailed estimate on each repair or improvement
• Have the value of the property after renovation appraised
• If you qualify for the loan, then the loan will close for an amount that covers the refinance cost of the property, the remodeling/rennovation costs, and the allowable closing costs
• The amount of the loan indlues a contingency reserve of 10-20% of the total remodeling cots; which covers any extra work
• At closing, the remianing funs are put into an escrow to pay for repairs and improvements
• Remodeling and mortgage payments begin after the loan closes
• Escrowed funds are released to the contractor during construction for completed work; to ensure completetion, 10% of each payment is held back and paid after the lender determines there will be no liens on the property

If you have any questions about FHA loans and how you can qualify, please feel free to contact one of our FHA loan specialists at 1(888) 892-1858, or check other topics of our FHA Help Center.