We can find a way to get you the cash you need through an FHA refinance loan. Whether you need money to consolidate high interest credit card debt, pay for college tuition, buy a new car, or make home improvements to your home, we'll find the right FHA loan for you.
Buying a home is one of the biggest and most important decisions you will ever make. We understand that and want to make the process as easy as possible. Whether you are a first-time homebuyer or are experienced with the process, we're here to make your home buying journey a great one with an FHA loan backed by HUD.
A refinance transaction involves repayment of your current real estate debt from the proceeds of your new FHA mortgage that has the same borrower(s) using the same property. This is called a "Cash Out" Refinance.
This FHA refinance loan is used for homes that serve as a principal residence for its owner. That owner can refinance for up to 85% of the appraised value plus most closing costs if the property has been owned at least one year. If you've owned your home for less than a year, you're still not disqualified. A different set of calculations will apply. In any event, your home must have sufficient equity to qualify for the loan.
There are approximately $290 billion in FHA loans projected for 2009. While indicators show conventional lending markets are still feeling the effects of the housing slump the FHA has taken a larger role in helping consumers get affordable home loans.
U.S. Treasury Secretary Timothy Geithner announced a crackdown on home loan fraud, and the results surprised many; it seemed that practically overnight more than 2,000 open mortgage fraud cases were on the books.
If you don't qualify for refinancing, but are eligible for loan modification under the Obama Mortgage, there are several things to be aware of once the screening process ends and you have been approved for loan modification.
If you want to take advantage of the Obama mortgage refinancing option under the Home Affordable program, you'll be subject to an initial screening questionnaire to determine your eligibility for the Obama mortgage homeowner bailout program.
The Obama mortgage option comes with many questions, but one of the most popular is, "Will the Obama Mortgage lower my monthly payments?" While the answer depends greatly on your specific circumstances, you can decide if this homeowner relief program is for you by answering a few simple questions about your loan.
All FHA cash-out refinancing with case numbers assigned after April 1, 2009 will have the loan-to-value or LTV limited to 85% of the appraised value of the home. That eliminates the 95% LTV cash out refinancing loans guaranteed by the FHA previously.