Refinance FHA Mortgage Within 48 Hours!!

Thursday, 25 April 2013

FHA Streamlined Mortgage Refinance Options for the Homeowner

FHA streamlined loans are designed to help homeowners lower their monthly mortgage payments as well as their interest rates. However, what do you need to qualify for one? For starters you need to have an existing FHA mortgage. If you don’t have one you can either refinance in the conventional way, or apply for an FHA refinancing loan.

How to Apply

Applying involves the usual credit check where they will look at your debt to income ratio and verify your employment, so mortgage refinance with bad credit can sometimes be difficult. FHA mortgage streamline refinance can get you many of the same results. Refinancing to an FHA mortgage can offer better rates and lower payments than your conventional mortgage.
If you already have an FHA insured home loan requirements for a streamline will include the following.
  • You must be current on your existing loan with all the mortgage payments made on time within the last year
  • You will need an FHA approved lender in order to refinance. If you do not want to use your current lender whatever bank you choose must also be FHA approved.
  • You must have owned the original property for at least six months before you can even qualify for refinancing.
  • Closing costs will have to be paid up front but can be arranged through FHA streamlined loans. You can include the closing costs into the loan but you must have enough equity already built up in your home to cover the extra amount.
Streamlined Loans for Home Improvements

One other streamline option to consider is called the FHA Streamline 203(k) loan. This is for people who want to refinance in order to make home improvements. The 203(k) is somewhat similar to other streamline loans with some exceptions. There is a minimum loan amount of $5,000 and a maximum of $35,000. These amounts can be added to your mortgage whenever you make improvements such as weatherizing, removing lead paint, or making other improvements that don’t drastically alter your home.

With these improvements you must hire at least one contractor to do the repair work. You will not be approved for a loan if you intend to do the work yourself, unless you can prove your own expertise. Their guidelines state that you have to get an estimate that is broken down into specifics regarding the project. The contractors have to sign an agreement to do all the work specified within the time noted, and for the agreed price. All building permits must be within the law of your state as well.

FHA streamlined refinanced mortgage rates are low right now and it is a great opportunity if you can find one that works for you. Go to to learn more about your real estate financing options. Speak to an agent directly by calling 1-800-987-1397 toll free.

Thursday, 4 April 2013

Refinancing FHA Mortgages And Why They Will Work For You

I recently refinanced my mortgage with an FHA loan. Although I initially was intimidated by the prospect of taking out another loan to help pay off my debt, in hindsight it was fairly straightforward. However it should be comforting for you to know in advance how to refinance an FHA mortgage whether you are buying a home for the first time, or refinancing an existing mortgage like I did. Here are some tips to help you understand FHA loans and if they are right for your situation.
  • FHA loan mortgage refinance requires very little money up front for a down payment. Therefore it is suitable for all income levels and is an excellent choice for first time home-buyers.
  • The mortgage is also assumable by a new buyer in the event you wish to move or pass the home on to your children one day.
  • If you qualify for a streamlines FHA mortgage refinance there will be reduced paperwork involved.
  • A co-applicant can help you qualify even if they don't live with you.

Find some professional help along the way

If you think you might qualify for FHA approved loans, first determine how much of a mortgage you will be able to afford. Then get online and find a real estate agent you can work with to explore your FHA mortgage refinance options. There are many available agents ready to help, but don't just pick one with a flashy name tag and company line. Do some homework and find one that has good experience and success in your area of the country, working with your level of income.

Why FHA loans are great

There are great reasons to explore FHA loans with an experienced real estate agent. If you have a high fixed rate mortgage you can lower your monthly payments by refinancing to a lower rate. You might be able to increase your cash flow in this manner by also extending the repayment term. If you have an adjustable rate mortgage you can switch to a fixed rate when interest rates are low. The equity you have invested in your home can be accessed to make home improvements or for anything you might need the money for, and that money is also tax deductible!

How to Qualify

Qualifying for an FHA Mortgage isn't necessarily difficult. An FHA program will want the lender to confirm that there is a benefit involved in lowering the payments for the borrower. There are three main things to concern you with when attempting to qualify. Have you made at least six payments on your current FHA refinance mortgage? Will the monthly refinanced mortgage payments be at least 5% lower than before? Is your payment history over the past three months perfect with no more than one late payment in the past twelve months? This should all give you a good perspective on whether or not an FHA refinanced mortgage is going to work for you.

A great place to get started with your inquiry is They are experts in all aspects of real estate and can even help you figure out mortgage refinancing with bad credit. Call 1-800-987-1397 to speak with a representative directly.