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.
In early 2009, the Obama administration announced a program called Making Home Affordable. This program, also called the Obama Mortgage, is expected to help nine million homeowners keep their homes and avoid foreclosure through refinancing and modified loans designed to lower monthly mortgage payments.
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.
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.
Some FHA refinance loans involve a credit check-if your lender wants to re-evaluate you as a credit risk, the check will be run. This is a source of stress for many, especially those who need to refinance because they fear default or foreclosure on their existing loans. In many cases these fears aren't founded.
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