FHA refinance and purchase is the way to go for any borrower. For many years it was misunderstood that FHA was for people that were bad credit, or had middle of the road credit but that just isn’t the case. FHA takes some time and patience, and I am here to help, but there are a few things you should know.
FHA refinance loans can either be done in what is called a streamline or a cash -out loan. The streamline FHA loan allows you to refinance just the loan, while the cash out loan is an option if you want to take up to 85% of the home’s value to do so. The refinance option will allow you to take up to 97.75%. These limits are just simply a guideline to prevent another economic crisis like what we are having now. These limits also will prevent you from going into a payment that is much larger than what you have right now.
Any loan that is not currently an FHA loan can certainly be refinanced to an FHA loan. In order to determine what your debt load is, they will look at what you owe on the home and your existing debts outside of that.
Consider that when your pay off from your current home loan comes in, it may include any unpaid interest calculated through the end of the month, and will include any late fees that were tacked onto your loan from the past. Escrow shortages can also account for this final payoff, so be prepared to consider how you want to refinance your loan before you start the process. If you aren’t sure what to do I can help. For more information, you can go to www.fhaloansnow.net. There is a lot of information and a place for you to fill out information to get a quote today.
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