You may have heard that in 2010, getting approved for the popular FHA-to-FHA refinance program became much more difficult than in the prior year.
Here are the main areas where the FHA has toughened up!
- 97.75% max LTV
- Income verified
- Must be employed at the time of application
- Must verify cash needed at closing
- FHA homeowners must commission a full appraisal in order to add ”roll in” closing costs to the refinance
- FICO score of 620 and above required
What Does this Mean to a New Jersey (NJ) Homeowner with a FHA Mortgage?
Just because the rules have toughened up, it doesn’t mean FHA refinance is impossible but you may need professional guidance!
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!
I hope you have enjoyed this blog.
Until next time,
201-943-6800
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey (NJ) office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to check out our FREE Credit Repair Program.
