Articles Tagged With: FHA Refinance Loan Rules

October 21, 2021

Can I Refinance My FHA Mortgage Without A Credit Check?

Some borrowers need to get a lower interest rate. Some borrowers want out of an adjustable-rate mortgage. Others are interested in pulling the equity built up in their home. The way to get these things done with an existing mortgage is to refinance the loan. FHA home loans include refinance options for all of the needs mentioned above, plus there is an option to apply for a rehab refinance loan (the FHA 203(k) Rehabilitation Refinance) to simultaneously refinance the home and get loan money for approved repairs, improvements, and upgrades to the home. You can also apply for FHA cash-out refinancing to cash in on the equity in your home. In most cases, a refinance loan will require a new credit check and an appraisal–especially if you’re looking for cash | more...

Rehab Refinance Loans, reverse mortgages

October 7, 2021

Need A Refinance? Avoid Getting Scammed

By Joe Wallace

In 2021, the official site of the Minnesota Attorney General included a page warning consumers not to fall for home loan refinance scams. During the pandemic, many borrowers found themselves in need of refinancing or other moves to make home loans more affordable in times of reduced income and other financial stressors. If you have been looking to get out of an adjustable-rate mortgage, or are trying to get a lower monthly payment on a fixed-rate home loan, you may notice third parties reaching out to you via e-mail, social media, text messages, or phone calls offering to help you refinance your mortgage. “But be careful”, the Minnesota AG official site warns, “Some homeowners have become the target of fraudulent refinancing offers” that sometimes begin with a phone call from | more...

October 5, 2021

Refinancing With An FHA Loan

By Joe Wallace

Refinancing a mortgage can have pros and cons–knowing them both can help you make a more informed choice about the type of refinance option you choose. There are cash-out refinance loans, no-cash out, and for those with existing FHA mortgages, an FHA Streamline Refinance option that usually requires some type of benefit for the borrower. The pros and cons of a Streamline Refinance are fairly simple. In the “pro” column, you get something that benefits you in the form of a lower monthly payment or lower interest rate. Or you get out of an adjustable rate mortgage into a fixed-rate loan. In the “cons” column, the biggest drawback is–depending on the term of your new loan compared to the term of your original mortgage–a renewed loan term. If you had | more...

August 26, 2021

FHA Refi Loan Rules You Need To Know

By Joe Wallace

Thinking about refinancing your home loan? With an FHA mortgage, you can refinance a conventional, VA or another non-FHA mortgage as well as an existing FHA home loan. Refinancing is great for many reasons but for some borrowers specifically want a refi loan to get a more affordable mortgage with lower payments or a lower interest rate. Some must refinance to catch up on a mortgage after missing payments; some may need to consider a refinance option in order to prevent their home from going into default and foreclosure in such cases. So for our purposes here, we are not discussing FHA cash-out refinancing options as these loans have rules specifying how much equity is needed in the home to cash out and some borrowers may have to wait longer | more...

April 1, 2021

FHA Refinance Loan Advice in 2021

By Bruce Reichstein

Are you considering applying to refinance your home loan? Which refi option is the right choice? Some people seriously consider a refinance loan without knowing all the options–some kinds of refinancing are more appropriate for some needs than for others. How to select the right loan for your needs? It’s one of the first hurdles you’ll clear when learning about refinancing. Borrower choices include cash-out refinancing, FHA Streamline refi loans, and FHA 203(k) Rehabilitation refinance loans for those who want to refinance and remodel the home at the same time. Refinancing Non-FHA Mortgages Generally speaking, FHA refinance loan rules permit an FHA-to-FHA refinance loan, but also options for non-FHA-to-FHA refinance loas. The FHA refinance loan program allows you to get out of a higher interest rate conventional mortgage into a | more...

March 5, 2021

Questions You Should Be Asking About FHA Refinance Loans

By Bruce Reichstein

Refinancing your home loan can be a smart move for some homeowners, especially in times where rates are low. At press time, the rates in March of 2021 are rising, but FHA mortgage loan rates have up to this point still remained below the three percent line, so it’s still a good idea to consider your refinance loan options if you want a lower interest rate. Remember, rates are subject to change and in 2021. We’re going to see a LOT of rate changes if current indicators provide any clues to the future or mortgage loan interest rates. Mortgage loan interest rates last year back in 2020 hit three-year interest rate lows due to a variety of factors including hangovers from trade war woes with China, the coronavirus, and other | more...

November 25, 2020

Prepare Now For Your Refinance Loan In 2021

By Joe Wallace

Are you excited by the historic low interest rates that happened in 2020 and have your eye on a refinance loan in the new year come 2021? Do you need a lower mortgage payment? Perhaps you would like a lower interest rate on your current home loan? Some borrowers have different needs–some feel stuck in adjustable rate mortgages and want to refinance into a fixed-rate mortgage loan instead. These scenarios can be addressed with an FHA refinance loan and if you’re thinking about applying in 2021 its best to become as familiar as you can with the types of refinance options open to you when it’s time to refinance a non-FHA mortgage or an existing FHA home loan. Consider An FHA Refinance Loan In 2021 The same kinds of preparations | more...

November 12, 2020

Reasons To Refinance

By Joe Wallace

There are good reasons to refinance your mortgage, and there are reasons that aren’t advisable. What do you want to accomplish with your refinance loan? Borrowers looking for cash out might list that as the primary reason but what you plan to do with that cash could be just as important as the home loan itself. There are many reasons to consider refinancing your home loan with an FHA refi loan. One is to get into a lower interest rate–whether you have an existing FHA mortgage or a non-FHA loan, you can refinance into an FHA loan with the goal of getting a lower rate. It’s a very good idea to let your participating FHA lender know the specific reason you want to apply for refinancing. If getting a lower | more...

October 27, 2020

FHA Loan Questions: Eligible Property Types

By Bruce Reichstein

There are some common questions about what is permitted with an FHA mortgage and what is not permitted. All borrowers should make the most fully informed decision about buying a home possible–know your options before you apply! Remember that there’s not one catch-all loan for all property types–there are different FHA home loan products for different property types. Can I Use An FHA Loan To Buy A Condo Unit? The short answer is yes, but FHA condo loans are allowed when the condo unit is on (or added to) a list of FHA approved condo projects. Once that requirement has been verified, the condo must also meet FHA minimum standards and local building code. The condo project must not require the FHA borrower to agree to restrictive covenants that limit | more...

October 8, 2020

FHA Cash-Out Refinance Loan Questions And Answers

By Bruce Reichstein

Do you know what to expect when you want to refinance your mortgage in order to cash in on the value of your home? Are you wondering how much money will you get in cash at closing time? These and other questions are important–knowing the answers before you commit or at least knowing how to arrive at those answers is crucial before you commit to the refi loan. Here are some common questions about FHA Cash-Out Refinancing loan options you should know: Do FHA Cash-Out Refinance Loans Cost The Same In All Housing Markets? The short answer is no, and the reason for this is that all housing markets differ, lender standards differ, and your own personal needs and goals may affect the type of transaction you need. For those | more...