Qualifying For FHA Mortgage Refinancing: Check out FHA Refinance Mortgage Rates

My mortgage payment is getting to be difficult to afford. I had to take a cut in pay at my job, and that really hurt me financially. I don’t quite know what to do. I was talking to my mother, telling her how tough things are getting, and she suggested I go to Real-estate-yogi.com to find out about FHA mortgage refinance options. I‘d never heard of this free consumer resource website, but I checked it out, and I’m really glad I did!  I learned so much about refinancing through the Federal Housing Administration that I was able to get my mortgage payment lowered, allowing me to keep my home.

I didn't know if I qualified for FHA mortgage refinancing, so I asked about it at Real-estate-yogi.com and found out that I was eligible. Here are some of the requirements. My mortgage had to be FHA-insured. I had to be up to date on my payments, so delinquency would have disqualified me. The refinance has to lower both the principal of my mortgage and the interest rate on it. I could not get any cash back from the refinance loan. Other kinds of refinance loans do offer cash-out options, but this one does not.

I was able to meet the eligibility requirements for an FHA mortgage refinance. For people who may not qualify for standard refinancing, there’s the FHA Streamline refinance option. As I continued reading through Real-estate-yogi.com, I learned that this type of refinance is the simplest, quickest method for FHA-insured homeowners to refinance. The great thing about this type of refinance is that it doesn't require an appraisal of the home. Rather than appraising the home, the FHA will allow you to use the original price of it as its current value. Additionally, there are no verification of your income, your employment status, or your credit score prior to refinancing.

I didn't realize that FHA-insured loans are underwritten by private, FHA-approved lenders and that FHA mortgage refinance rates are considerably lower than those of non-FHA loans. The qualification requirements are also more relaxed than traditional lenders’ are. I got this information from Real-estate-yogi.com, just by asking about it. I also found out that Massachusetts has its own FHA loan program with some slightly different eligibility conditions. To obtain mortgage refinance there, you must have at least two full years of employment, preferably at the same job, and your income must have been increasing during that time. Bankruptcy must be at least 2 years old, and the credit you've built since then must be good, too.

If you’d like to learn more about this subject, contact Real-Estate-Yogi.Com at 1-800-987-1397 for a free preliminary conference. There’s always knowledgeable staff on site to speak with you, no matter what time it is, so call them. You won’t regret it.