Is now the time for an FHA refinance?
Life happens! There you are living your life, working hard, doing your part to be a good member of society and suddenly chaos and uncertainty have moved in to your spare bedroom and are making themselves at home. Maybe you experienced a job lay off, perhaps you went through a painful divorce, or it could be that you had some unexpected medical expenses. Whatever it may be, it has had an impact on your usually reliable household finances. Now your confidence has been shaken, your credit has taken a thumping and your house payments are beginning to make you feel a little claustrophobic.
With mortgage rates approaching 37 year lows, it may be a good time to start thinking about refinancing your home. FHA has long been a favorite of lending institutions because of the stability of the loan product and the flexibility of it underwriting guidelines. Here are some quick facts about FHA loans:
-
Choose from fixed and adjustable rates
-
You can get up to 95% cash out Loan-To-Value
-
You can have a non-occupant co-signer. This means that Mom & Dad can co-sign with you to help you qualify.
-
If you currently have an FHA loan, you can do a quick and simple “no-qualifying” streamline refinance.
-
You can refinance up to 96.5% on a rate and term refinance… pay off your existing 1st and original 2nd mortgage.
-
If you are concerned about the amount of equity you may have in the home, a close family member may be able to gift you money to pay down your principal balance.
-
You may be able to get an FHA loan without paying off a chapter 13 bankruptcy.
Those are just a few ideas of what makes FHA financing so unique.
It is important that you consult with a FHA mortgage expert to see if refinancing is in your best interest. Just because you can qualify for a mortgage loan, doesn’t necessarily mean it is a good idea. By properly mapping out a mortgage strategy, you may be able to create some breathing room in your monthly finances. If you live in the Portland, Oregon area, feel free to call me (503-597-3500) for a free consultation. If you live outside the area, there are some amazing mortgage professionals on this site who are more than qualified to assist you.
If you enjoyed this post, please consider subscribing to our FHA Mortgage Blog feed and get future articles delivered to your feed reader.
Dustin Hughes's RSS Feed
Comments
No comments yet.
Sorry, the comment form is closed at this time.