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Fha refinance

  • Question : I keep hearing that home prices are going up but that mortgage rates are going up, too. I want to refinance, but I know I don't have 20 percent in home equity. I made a down payment of 10 percent when I bought my house in 2006, but then it dropped in value so I think I only have about 5 percent in equity now. Is there any way I can refinance? Answer : You are correct about both things right now: Home values are going up in many housing markets, and mortgage rates are expected to creep up in 2013 and.... Read More
  • Question : Can a home purchased with a FHA loan be refinanced or will there be penalties assessed? Answer : You can always refinance a loan if you qualify. There will be no penalties assessed, other than the normal costs of the loan refinancing.
  • Question : Can you get a FHA loan or refinance on an investment property? Answer : Not usually. One of the requirements of a FHA loan is that you live in the property that has the FHA loan.
  • Question : Can you refinance a conventional loan with a fha loan? Answer : Yes, you can refinance a conventioan loan with a FHA Loan! There are three types of ways to refinance an FHA Loan, such as: streamline refinancing, cash out refinancing, and converting a conventional loan to a FHA Loan.
  • Question : Do you have to pay off a HELOC (Home Equity Line of Credit) when refinancing thru FHA? Answer : It is up to the lender that has the HELOC, whether they will allow a another mortgage to supercede it. Many times, they will as long as the new first mortgage does not significantly increase from the previous. For best information on this, contact the servicer of your HELOC and they can tell you whether they will subordinate or not to a new first lien.
  • Question : How soon can I refinance a FHA 203k loan? Answer : There is no set time limit. However, there must be a certain amount of available equity between the as is value of the home and the estimated improvement value of the home.
  • Question : I am looking into a new program that has the FHA work with my bank to pay off my loans and pay FHA directly for a year. Have you heard of this type of program? Answer : Check this out for information about different FHA programs.
  • Question : I am refinancing an existing 2/28 arm and am told I would be perfect for an fha loan. Does the FHA mandate that I escrow both taxes and insurance? Also, must I pay my HOA dues in my monthly mortgage p Answer : Yes, the FHA mandates that you escrow both your taxes and your insurance so that the annual premiums for your taxes and insurance are paid along with your monthly payments. The Homeowners Association (HOA) dues are calculated as part of your monthly mortgage payment for qualification purposes. However, your lender does not usually escrow them, and they are, therefore, your responsibility to take care of as a separate payment from your monthly mortgage payment.
  • Question : I currently have a high interest loan. How do I go about transferring over to a FHA loan? Answer : You will want to pre-qualify for a FHA refinance.
  • Question : I have a FHA loan and would like to know the options that I have that could help me lower my payments. Answer : Your best option is to try a FHA refinance. Start here to see if you pre-qualify.
  • Question : I have a FHA loan, but the house needs serious repairs. Can I use a VA refinance to make repairs? ? Shawn Answer : If you are eligible, yes, you can use a VA refinance to make home improvements. If you are not eligible for a VA loan, you can also use a FHA refinance to make home improvements or repairs.
  • Question : I have been trying to refinance my conventional loan to a FHA Loan. I have never been late on a mortgage payment, but I have collections and charge offs I wanted to pay with the cash out money. Do I h Answer : Yes, you can use the money from your closing costs to pay off your collections and charge offs. However, while you are reducing your individual debt to income ratio, this method of paying off debt is not recommended. It is recommended that you pay off your collections before you receive money from the cash out refinancing process. Also, you should really consult with a private mortgage lender to see what your best options are.
  • Question : I have investment property in Florida and I would like to refinance with a fixed FHA 30-year loan. Is this possible? Answer : No. FHA loans can not be used for investment properties.
  • Question : I need to refinance my loan. I don't have enough income verification but have good credit scores. What loan is available for me? Answer : In most cases, you will be able to refinance your home loan without income verification. Specifically, most home equity loans require no income verification.
  • Question : I want to refinance by myself because my husband's credit report is very poor. Would I be able to use his income and not put him in the loan? Answer : No. You can only use income of people named on the loan.
  • Question : I would like to know if I could pay off my medical collections and other debts if I refinance my home. Answer : If you qualify, yes. Refinancing to get cash out is one of the benefits of FHA refinancing.
  • Question : If I cosign a private student loan for my son, will that affect my ability to refinance my home in the near future? Answer : Probably not. Simply being a co-signer on a student loan won't affect you being able to refinance your home. In addition, student loans are in deferment for quite a while. While the loan is in deferment, you don't have to be making payments on it.
  • Question : In order to obtain an FHA refinance, will I need to have proof that the title on my manufactured home has been surrendered? -Sheila Answer : In most cases, yes. Though you should speak with your broker for individual information that my pertain to your specific case.
  • Question : My ARM home loan is due to reset in about 5 months. I am considering refinancing to a 30-year fixed mortgage. Would an FHA home loan be an option? - John Answer : In most cases, it is possible to refinance a conventional home loan into a FHA refinance. So without knowing the specifics, generally speaking, you should be able to qualify for a FHA Refinance.
  • Question : What if you have an interest only loan and have no equity in your home? Will you still be able to refinance? Answer : Check out this source for interest only refinancing.
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