FHA Mortgage Refinance

Refinancing your Florida home with an FHA loan could get you cash out, a better rate and lower mortgage payments.

Florida FHA Refinance Overview

  • The FHA mortgage allows for:
    • Cash out refinancing to 85% LTV.
    • Rate & Term refinance of existing loans up to 96.5% LTV.
    • Low cost streamline refinancing of your existing FHA mortgage.
  • Reduce your interest rate & monthly payment.
  • Switch from an adjustable rate loan to a secure fixed rate mortgage.
  • Streamline means no credit check, appraisal, credit underwriting or income verification for existing FHA loans!
  • Cash out option allows homeowners to tap equity.
  • Easier qualifying than conventional home loans.
  • Higher debt ratios!

Whether you're a Florida homeowner wanting to more easily gain access to your equity, or you're wanting to refinance your current mortgage to a lower, more manageable payment, a Florida FHA refinance program may be the ideal mortgage option for you. If you already have an FHA home loan on your existing property, the FHA streamline refi make it easy for Florida homeowners to improve their repayment terms, lower their payment or reduce their rate of interest.

Florida FHA Loan Qualifications:
Qualifying to refinance your Florida home using the FHA loan is very straight forward. Eligible borrowers must meet these factors. While other factors do apply, these are the most critical:

  • Borrower should not have any mortgage late's over the last 12 consecutive months.
  • Borrower cannot exceed the maximum loan-to-value for the property:
    • Cap 96.5% LTV to include the costs of closing for Rate & Term.
    • Cap 85% LTV for cash out which includes the cost of closing.
  • Borrower cannot exceed the maximum allowable debt ratios of 29% & 41% with the new loan.
  • The new mortgage must show a tangible benefit for the borrower. Examples include:
    • A lower monthly mortgage payment of at least $50.00 per month - or -
    • A change from an adjustable rate to a fixed rate mortgage - or -
    • A change in mortgage term - 15 to 30 year or 30 year to 15 year etc. - or -
    • The borrower must be taking cash out
  • Borrower may not have had a prior FHA loan that was foreclosed.
  • Property must be FHA eligible.
  • Borrower must meet the minimum credit quality guidelines.

FHA Rate & Term Refinance

Using the FHA loan program to do a rate & term refinance of your existing mortgage just makes good sense for many Florida homeowners. When doing a rate & term refi, borrowers who use the FHA program have the benefit of easier qualifying, higher ratios and in many instances, lower rates than can be obtained via a conventional loan program. In addition, borrowers who choose the FHA program can refinance up to 96.5% LTV, higher than what they can get using a conventional mortgage product. Finally, once you have an FHA loan, your mortgage will now be eligible for the FHA streamline refinancing program. Learn more about the FHA rate & term refi program for your Florida home! Call 1-561-271-1611 or just use our quick quote application.

FHA Cash out Refinancing

Choosing to do a cash out refinance of your home equity with the FHA mortgage program gives you the benefit of a lower rate of interest versus a conventional loan as there are no "rate adjustments" for taking cash out. In addition, the FHA cash out refi has easier qualifying and higher debt ratio's than a traditional conventional loan. As an added benefit, FHA borrowers have the ability to "streamline" into a new FHA mortgage should rates improve, or they want to improve their payment terms - saving them money in the future. Refinancing using the FHA loan program may not be right for everyone. If you need to cash out more than 85% LTV, then a conventional refinancing program will be the only option for you. Want to learn more about doing a FHA cash out refinance? Give us a call at 1-561-271-1611 or just use our quick quote application.

FHA Streamline Refinancing

One of the most significant benefits of having a current FHA mortgage is the ability of borrowers to streamline into a new FHA loan without having to re-qualify for the new mortgage. The FHA Streamline is designed, more specifically, to allow borrowers to reduce the costs associated with improving their existing financing terms. This makes it much easier for you to take advantage of lower interest rates. Another useful technique is qualifying to purchase a home using the FHA adjustable mortgage and then "streamline" to a fixed rate mortgage after 6 months. Borrowers can also elect to change repayment terms without many of the costs associated with getting a new mortgage. In many instances, streamline FHA loans can be done without even getting an appraisal. 

The FHA streamline refinance mortgage can be approved quicker than a conventional mortgage as the borrower does not have to "re-qualify" for a mortgage. While the streamline refinancing option can help reduce your mortgage payment or change terms, it does not offer the equity withdrawal that the Cash Out option provides for. To learn more about the streamline program, give us a call at 1-561-271-1611 or just use our quick quote application.

FHA Streamline Refinance Requirements:

  • Your current mortgage must be an FHA loan.
  • Your current FHA loan has to be at least 6 months old.
  • The refinanced loan amount must do one of these things:
    • Lower your principle and interest payments by a minimum of $50.00 per month - or -
    • Convert a current adjustable rate loan to a fixed rate mortgage - or -
    • Be a change in the repayment term (example 30 year to 15 year).
  • Mortgage payments for the last 12 month must be on time.
  • Borrower can not have defaults on any type of government loan.
  • Cash back is not allowed.
  • An appraisal must be carried out on the home if closing costs are to be rolled into the loan.
  • Any existing second mortgages must subordinate their position to the new FHA first mortgage.

You may be wondering, do I qualify for any of these FHA refinancing options and whether the Florida FHA loan is right for you?  Contact us today and we can quickly determine whether or not any of these Florida mortgage programs are the best solution to meeting your financing requirements, without any commitments on your part.  Call 1-561-271-1611 to get started, use our ask a question form or complete our quick quote.

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