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.

In the wake of the Gulf oil spill crisis, many mortgage companies are waiving late payment penalties and credit reporting for home owners affected. Did you know that some VA lenders are also offering help for vets affected by the crisis? If you want to apply for a loan to buy a house with an FHA mortgage, one important fact you should know is that the FHA does not set interest rates, regulate closing costs or negotiate discount points on the mortgage. FHA reverse mortgage or HECM loan borrowers aren't required to make any payments on their loan unless they sell or stop using the home as their main residence.