FHA Refinance

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.

Home Equity Conversion Mortgages, or HECM for short, are designed to help qualified borrowers take out an FHA guaranteed loan against the equity built up in their property. The FHA has a program that lets FHA loan applicants get financing (or refinancing) for the purchase of mobile homes, a developed lot for the mobile home, or the combination of the home and the lot. 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.