Facts about an FHA Mortgage Refinance

Key Factors to Consider before Refinancing an FHA Mortgage

An FHA Loan or refinance allows a borrower to refinance or purchase a home with a low down payment. These loans are excellent choices for first time homebuyers.

Because of so many changes in the housing market thousands of Americans have the opportunity to refinance their current home mortgages by refinancing an FHA mortgage. There are many FHA specialists available to provide personal one-on-one help for those who are interested in lowering their monthly payments.

Benefits of Refinancing an FHA Mortgage

  • Requires very little cash up front for a down payment
  • Suitable for all income levels
  • Mortgage is assumable by a new buyer
  • Reduced paperwork for those borrowers who qualify for a FHA streamline mortgage refinance
  • Allows a co-applicant to help you qualify even if that person does not live with the with you

Refinance Your FHA Mortgage with Real-Estate-Yogi

If you are able to qualify for homeownership, Real-Estate-Yogi can help make that dream come true. Our financial experts will help you:

  • Determine how much of a mortgage you can afford
  • Help you obtain pre-approval
  • Match you with a real estate agent in your area so you can find the home you want
Our mortgage specialists are ready to help you move into your dream home. Apply today!

5 Good Reasons to Refinance Your FHA Mortgage

  • If you have a higher fixed rate mortgage you can lower your payments by refinancing at a lower rate.
  • You can increase your cash flow if you refinance your FHA mortgage at a lower rate or for a longer repayment term.
  • You can lower your payments by switching from an adjustable rate mortgage to a fixed rate when the interest rates are lower.
  • You can access the equity in your home to make home improvements, consolidate debt or any number of other reasons.
  • You can refinance your mortgage in order to switch from an ARM to a shorter term fixed rate mortgage and save thousands of dollars in interest.

Qualifying for FHA Mortgage Refinancing

It isn’t difficult to qualify for the FHA mortgage streamline refinance program. The FHA basically wants the lender to confirm a little bit but to also make sure there is a bonafide benefit that results in lower payments for the borrower to request an FHA loan mortgage refinance.

There are only three guidelines that lenders seek in a FHA refinance mortgage:

  • Has the borrower made at least six payments on the current FHA mortgage?
  • Has the borrower had a perfect payment history over the past three months and no more than one late payment over the past twelve months?
  • Will the refinance lower the monthly payment by at least five percent?

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