FHA Refinance
Lower Your Mortgage Payments
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.
If you want to refinance your home mortgage using an FHA refinancing loan, it’s important to understand a few facts at the start of the application process. FHA refinancing is different than the FHA HOPE for Homeowners refinancing program.
When you decide to apply for an FHA Refinance loan, there are several questions you’ll need to answer to set the approval process in motion. Some questions are about planning issues, others are directly related to whether or not an FHA Refinance loan is for you.
