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FHA Home Refinance Options
FHA home refinance mortgages have supported the real estate financing for most markets with cash out, fixed rate refinancing and streamline loan options. After the fallout of the subprime and Alt-A loan market in 2007, FHA loans are making a come-back. Borrowers who once would have been better off in a conventional mortgage may now find a FHA Home Loan to be the cheapest, safest option in securing a purchase or refinance loan. Cash-strapped first time buyers will appreciate the 3.5% down payment requirement, as opposed to the 20% most lenders require you to have. Plus, with the passage of new legislation, first time buyers could get a tax credit worth up to $7,500. It's an interest-free loan that you pay back over 15 years, but it is very helpful when you're short on funds. And, if you act now, you could still get seller-financed down payment assistance through programs like AmeriDream and Neimiah. After October 1st, if you need down payment assistance, you’ll need to get it from family, friends, employers, your church or through a city, county or state-backed program.
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Finance a new home or get help buying a foreclosed property with an affordable mortgage from FHA Home Loan Services.
Refinance and Save Money Now! FHA Mortgage Rates dropped below conforming rates in 2008, but with the economy and inflation concerns, interest rates will likely increase soon. Refinance today and get a fixed rate guarantee for thirty years.
A FHA Home Loan is a government-insurance loan that is popular with first-time homeowners. Home refinance loans insured by FHA have become increasingly popular among home-owners seeking a fixed rate refinance out of their subprime loans. With lending guidelines becoming more and more strict, homeowners clearly see the benefit to a fixed rate payment that works with the income they are currently earning. FHA requires full documentation of income. Stated income refinancing is not an option, so if you are self-employed and you want a low rate FHA loan, you will need full tax returns and 10099's if you are an independent contractor.
FHA recently reported that they've helped 300,000 homeowners avoid foreclosure with FHA home refinancing through FHASecure. And the new FHA Modernization Act of 2008 under the Housing and Economic Recovery Act of 2008 will continue assisting homeowners strapped with subprime adjustable rate mortgages (ARMs) after FHA Secure expires on December 31, 2008.
FHA home refinancing will save you a lot of money, particularly if you currently have an ARM. FHA allows 95% LTV for borrowers refinancing who need cash out. And, you may be able to do a 97.5% refinance with no cash.
Do you already have a FHA loan?
With interest rates having dropped so many times recently, a streamline refinance for existing FHA customers may be just what you need to lower your payments. You may even qualify for the "no cost" refinance, which means no out-of-pocket costs for you. With a FHA Streamlined Refinance, there is: no appraisal, no credit underwriting, no qualifying debt ratios, no credit check, no income verification and no face-to-face application. To qualify, your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments, but there is no cash back option for this loan.
Are you facing foreclosure?
Starting on July 14, 2008, FHASecure will begin to provide additional assistance to subprime borrowers with adjustable rate mortgages, and help to restore liquidity and stability to the markets. It will assist families who have missed up to three monthly mortgage payments over the previous 12 months or have experienced temporary economic hardship, as well as those who were affected by adjustable rate subprime mortgages. FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage
As you are current on your mortgage and have sufficient income to make the mortgage payment, you are eligible for a FHASecure refinance. If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the "recasting" of the mortgage to fully amortizing the amount you can refinance depends on the value of your property, how much you owe and if the lender, or another eligible source, is willing to take back a second mortgage to help bridge the gap between what is owed and your home's value.