FHA Articles

News, updates, and explanations to keep you informed.

Things to Know About FHA Refinancing

Do you need to refinance your existing mortgage? It could be time to explore your FHA refinance options. Are you at risk of default? Foreclosure? If you have an adjustable rate mortgage and are paying much more than anticipated per month, you should consider going into a fixed-rate FHA mortgage.

An FHA refinance loan may be right for you if you have an adjustable rate mortgage that is raising your mortgage payments higher than you can afford to pay. Is your income average or below average for the area where you live? Does your mortgage payment take 31% or more of your total income? Do you live in the building you want to refinance? If the answers to any or all of these questions are yes, it’s time to think about an FHA refinancing loan.

DOES MY CREDIT RATING AFFECT MY CHANCES?

FHA refinance loans require a credit check before FHA refinancing is approved. This FHA credit check compares your overall credit activity to any negative information in your credit report. To qualify for an FHA loan for refinancing purposes, your general pattern of credit activity is taken into account, not just current or past payment issues. You may be surprised to learn the FHA is much more flexible when reviewing your credit history for an FHA refinancing loan.

ARE FHA REFINANCING LOANS AVAILABLE AFTER FILING BANKRUPTCY?

If you’ve been discharged from Chapter 7 bankruptcy at least two years, you are eligible to apply for FHA refinancing. If you filed Chapter 13 bankruptcy and have made all payments on time for at least one year, you are eligible to apply for an FHA refinancing loan.

HOW CAN I GET READY FOR AN FHA REFINANCING LOAN?

Always prepare for your FHA refinancing credit check in the same way you’d get ready for a conventional home loan. Establish or continue a history of on time payments, reduce your debt-to-income ratio and cut the amount of potential debt you have in your name. Also double-check your credit for current, accurate information. Challenge items on your credit report which may be out of date or suspicious.

WHAT IF I ALREADY HAVE AN FHA HOME LOAN?

Do you already have an FHA home loan? Do want to lower your interest rates? FHA Streamline Refinancing is an option to help you do just that. FHA Streamline loans have no income verification requirements. No credit report is needed unless your particular lender requires it. FHA Streamline loans are offered to borrowers who are current on their payments. Since you are already established as a good borrower, in the eyes of the FHA no additional verification is needed to help you get into a new FHA mortgage product.

You can add another person to the property title with no credit check, but if you want to remove someone from your title, you’re required to get a full credit check before you can be approved for an FHA Streamline refinancing loan. Contact your lender for additional information. Income requirements vary depending on your state of residence and your zip code; you may also find additional flexibility depending on your credit report and the nature of the building you want to refinance.

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:: Down Payment Assistance Programs--Are They Making a Comeback?

:: The 2009 First-Time Homebuyer's Tax Credit

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:: Obama Mortgages After Five Years of Loan Modification

:: The Obama Mortgage: What Happens When I am Approved for Loan Modification?

:: All About the Obama Mortgage Questionnaire

:: Mortgage Insurance and the Obama Mortgage

:: Does the Obama Mortgage Lower My Payments?

:: Why You Don’t Need to Pay for Help with an Obama Mortgage

:: Changes to FHA Cash-Out Refinancing

:: Who Can Refinance with the Obama Mortgage?

:: Things to Know About FHA Refinancing

:: Reasons to Consider an FHA Home Loan

:: Mortgage Insurance Requirements for FHA Loans

:: What is an FHA Streamline Loan?

:: FHA Streamline Loans, 'Cash Back' and Closing Costs

:: FHA Streamline Loan Requirements

:: Dos and Don’ts for FHA Streamline Loans

:: Terms for FHA Refinancing

:: FHA Loans Explained

:: FHA Loans vs. Conventional Loans: The Difference

:: Ten Myths About FHA Loans

:: FHA Refinance Questions You'll Need to Answer

:: Your Credit and FHA Refinance Loans

:: FHA Loans and Your Rights as a Borrower

:: Rehab a Home with an FHA 203(k) Fixer Upper Loan

:: What are the FHA Loan Limits?

FHA Loan Rates

Refinance Averages
for 11/20/2009

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Best APR

30 Year Fixed

No Points
Low Interest
Best APR

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