Fha refinance

  • Question : Can FHA help me refinance my home if I am in a forbearance? Answer : Yes, it is possible that a FHA refinance could help if you are in forbearance. This is called special forbearance and is based on your own individual situation. Providing proof that you could make payments under a new plan could help you to stay in your home.
  • Question : Can I convert a single-family home into a multi-family home? Answer : Yes. The FHA allows you to use the rehabilitation money from the loan to convert a single-family home into up to a four-unit home. The FHA also allows you to use the loan to move existing homes onto a new site if necessary.
  • Question : Can I refinance a property that is zoned agricultural with a FHA loan? Answer : Yes, but a FHA loan can only be used for the house and the first 10 acres. You will have to get an agricultural loan if the property exceeds 10 acres.
  • Question : Can I roll my pre-pay penalties from my ARM mortgage over to a FHA refinance fixed rate if approved? Also can my closing cost be rolled in as well and can I also get cash from my refinance if have onl Answer : Sometimes it is possible to rollover pre-pay penalties into an FHA loan refinance, and some of your closing costs may be rolled in as well. How much cash you can get out is determined by the loan to value. You can take cash up to 95% of the value of your home with FHA. So you may refinance up to 95% of your home's value. This would include, the current balance, penalties, closing costs and the cash you want.
  • Question : How do I get lower rate on my home? -Jamie Answer : If you qualify, it is possible to get a FHA refinance to get a lower rate on your home loan.
  • Question : How much can I borrow with an FHA 203(k) loan? Answer : You can borrow up to 110% of the value of the home AFTER the repairs and rehabilitation of the home. The FHA will do a current value appraisal of the home in order to see what it is worth now. Then they will consider all of the rehabilitation you plan to do and do a second appraisal for what the home will be worth after the repairs have been made to the home. If you plan to install solar energy systems as part of your rehabilitation the FHA will insure up to 20% more of your mortgage values which means your lender will loan you more for your repairs and it will be easier to qualify for the loan.
  • Question : I am not going to live in my home while it is being repaired, do I still have to make the mortgage payments out-of-pocket? Answer : No.You do have to make the mortgage payments, but the FHA allows you to include the cost of your first 6 months of mortgage payments into the loan so that you do not have to try and bare the burden of paying your new mortgage and rent to live somewhere while you home is being rehabilitated.
  • Question : I am refinancing my home without my husband because of his bad credit. Will his judgments in his name only prevent me from getting my final approval? I am not putting him on the loan at all. Answer : If you are not filing jointly for the loan, then his credit should not be a factor in approval.
  • Question : I have a FHA mortgage. I recently took out a home equity loan with a different bank. Can I do a FHA refinance on just the FHA loan? Answer : It sounds like you are interested in a FHA refinance. This is for people who want to lower their payment or interest rate. However, depending on how recently you took out the home equity loan, it may be difficult to do. If you have the equity, you should be able to combine the original loan and the home equity loan.
  • Question : I have a home loan with an arm. Can I refinance with a FHA fixed interest rate? Answer : Without knowing the specifics of you situation, yes you can refinance to a FHA loan.
  • Question : We are trying to refinance our home loan with me as the primary. My husband will be on the title, but I've been told that due to his recent foreclosure I may not be able to get a FHA loan because they Answer : If your husband is on the title and you are both on the loan, then all debt and income for both of you will be taken into account. If you do not want his debt to count, you will have to remove him from the loan.
  • Question : What improvements are allowed by the FHA? Answer : The FHA requires you to make your home more energy efficient, but optional repairs that you can finance into your loan include: Repair to the structu.... Read More
  • Question : Where do I find an FHA approved lender? Answer : To find an FHA and HUD approved lender, check out HUD-approved lenders. Submit the information regarding what state and area you live in and you will find a list of lenders in your vicinity.
  • Question : Why do I have to go through an FHA approved lender? Answer : The FHA and HUD do not loan you the money directly. Instead they guarantee your loan with one of their approved lenders which makes it easier to get a home loan because the lender has the assurance from the FHA that in the case you default on the loan they will recapture some of their money.
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