FHA Refinance Guidelines

FHA Refinance Guidelines

1. FHA mortgage rates are the lowest in over 50 years according to Freddie Mac. FHA has more flexible underwriting guidelines compared to conventional loans.

2. Minimum credit score 500 to refinance. FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

3. FHA allows refinance after bankruptcy. At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines.

FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year.

4. FHA cash-out refinance. As cash out refinance mortgage is defined as follows: A mortgage refinance where borrower gets more than $2,000 back after close of transaction, and / or, any refinance that involves consolidating a second mortgage or equity line that is less than 1 year old.

5. FHA 2024 refinance guidelines. FHA allows home owners to lower their monthly payments. Let a FHA-insured mortgage lower your monthly mortgage payments. Payments will include principal, interest, taxes and insurance.

6. FHA mortgage refinance. A rate and term refinance is when a borrower refinances to lower the interest rate or change the term of the mortgage. Usually people do a rate and term refinance because they want to lower their payments.

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FHA refinance - Need to lower your monthly payment today for a better tomorrow. Start your refinance online now!

• FHA rate and term up to 97.75% loan-to-value
  
• FHA cash out up to 80% loan-to-value
• Minimum 500 credit score

Probably the two most common reason for refinancing is to lower your monthly payments or take cash out. A good way to save is by lowering your interest rate in order to ensure the most savings.

If you need to take cash out FHA minimum credit score is 500 to get an FHA loan approval.

Cash out refinance refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage.

FHA refinance allows cash out amount up to 80% of the value of the property.

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

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