FHA mortgage refinancing benefits many types of borrowers ranging from the borrower with bad credit to the homeowner with no equity. The FHA Mortgage Loan Company provides all of the essential FHA refinance options online. These days FHA has become appealing to even borrowers with good credit scores. FHA mortgage refinancing guarantees low interest with fixed rate terms. Homeowners are also able refinance their adjustable rate mortgage into a fixed rate loan that allows them to streamline and refinance later if the market conditions lead to improved interest rates. Home refinancing with a FHA mortgage is simple and offers many financial benefits for homeowners.
FHA Refinancing with Cash Out
Take advantageous of 85% refinance loans that allow cash back during a refinancing transaction. Consolidate debt or finance home improvements with cash back options. Many borrowers like to consolidate their 1st and 2nd liens into single mortgage. This means that with more than 15% equity in your house that cash out refinancing with FHA may be an option.
Rate and Term Home Refinancing
Borrowers only need 3% equity in their home with a FHA mortgage that enables 97% of your home’s value to be refinanced. Homeowners can refinance first and second mortgages together for improved rates and terms. There are still No FICO score or credit score requirements with FHA refinancing.
FHA Streamline Refinance
Streamline for existing FHA customers. No cost mortgage rate reductions available. Streamline loans offers reduced cost refinance options and revised terms from adjustable to fixed rate loans. Borrowers can shorten or lengthen term with a Streamline refinance loan insured by FHA.
Reverse Home Mortgage
Seniors can refinance their mortgage and start receiving monthly payments. FHA reverse home loans offer permanent mortgage payment elimination. Homeowners who are at least 62 years old are eligible to refinance current mortgages with reverse mortgage loans that pay.
Congress is working with the Federal Housing Administration on measures to reform to the FHA's reverse mortgage. As the proposed legislation stands, before discussion by the full committee it would.
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