Are you thinking about refinancing your home mortgage? There are several home refinancing options available to you, depending on your particular circumstances. One of those options might be to refinance with FHA, which could include an FHA Streamline Refinance or FHA Cash-Out Refinance loan.
In general terms, a borrower with an existing FHA mortgage would be qualified to apply for an FHA Streamline Refinance loan. But even if you have a conventional or VA loan, you may be eligible to be refinanced with an FHA mortgage.
As a matter of fact, “Refinancing your VA loan into an FHA loan is a great way to reclaim all of your VA loan benefits,” Home Guides reports.
Refinancing your VA loan into an FHA loan is a great way to reclaim all of your VA loan benefits. VA will only guarantee a limited amount for each veteran at one time. When you refinance your VA loan, all of your eligibility is available for a future home purchase. While your VA loan may not have required a down payment, the FHA loan will not allow you to finance 100 percent of the home’s value into the new FHA loan.
FHA Streamline Refinance
FHA Streamline Refinance is reserved for homeowners with existing FHA mortgages. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.
One of the most important features of the FHA Streamline Refinance program is that it does not require a home appraisal. Rather, FHA will allow you to use your original purchase price as your home’s current value, regardless of what your home is actually worth today.
Another important feature of the FHA Streamline Refinance is that it doesn’t require employment, income, or credit score verification. But, lenders have been slow to adopt this guideline and might require these verifications.
FHA Cash-Out Refinancing
FHA Cash-Out Refinance is a loan where you borrow more than you owe on your mortgage. Then after the mortgage and loan costs are paid, you receive the extra cash. FHA Cash-Out Refinance loans compare well with similar private refinance mortgages, with the amount you can cash out on an FHA refinance depending on the market value of the property and how much you still owe on it.
As an approved FHA Mortgage Broker, we are ready to assist you with all your refinancing needs. We will evaluate the home refinancing options with you, and show you the best home refinancing solutions available.