FHA Short Refinance Program For Underwater Homeowners–Questions Remain Over ... Red, White, and Blue Press
As reports continue to arise concerning potential new foreclosure prevention assistance plans that may become available in the coming weeks there are still homeowners who are looking at current programs that could potentially help them, but may have seen lackluster results. One of the more well-known programs that has been unable to help homeowners, but in the eyes of many had the potential to do so, has been the FHA short refinance program as this initiative was set to aid underwater homeowners by allowing them to receive a principal reduction and refinance into a more affordable home loan rate so that more affordability might be gained on the mortgage payments of troubled homeowners.
Yet, questions still remain over whether this option is still available, and if so how they may be able to participate in this particular program. It goes without saying that there are homeowners who could potentially benefit from this particular program since underwater mortgage difficulties have continued to creep into the lives of homeowners as a result of home price devaluation in many areas. The problem that homeowners face though usually centers around the fact that this program has been voluntary and, as a result a mortgage servicer having to forgive around 10% of the mortgage principal and then allowing homeowners to refinance into an FHA-insured mortgage, it has been unpopular among many banks and investors.
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FHA Streamline Refinance Loans
Nationwide Mortgage Loans offer FHA streamline refinance loans. Streamline refinancing enables FHA borrowers to refinance their present FHA ...
How do you process a FHA refinance loan?
I'm a mortgage processor, but I've been processing Reverse Mortgages for quite sometime and have forgotten the process regarding regular FHA refinance loans? Any help is greatly appreciated.
Can a FHA loan be refinance into a conventional loan after 120 days from purchase date?
I was told FHA loans can not be refinanced for 12 months using a new appraised price (the refi has to be on the purchase price, not the appraised price). That is true, however, I was also told that I would have to wait for 6 months after the purchase to refi with a conventional loan using the appraised value rather than sale price. Is this true.. as much info as possible would be great
That is true if you were gettinig an FHA loan but not for a conventional one. Some lenders only require 3-6 months seasoning so you can use the new appraised value.
Make sure that you get a refund from the upfront mortgage insurance that you paid for the FHA loan. You will get 100% of it back at this time. Your upfront MI was 1.5% of your loan.
Can I refinance an FHA loan at a fixed rate without getting another FHA loan?
We have an FHA loan and our interest is at 6.5% and we were thinking about refinancing, but everyone keeps telling us we will have to have another FHA loan to get it at a fixed rate, otherwise we have to go conventional. We want to get out from under the FHA monthly fee, so does anyone know if this is true?
If you have 20% equity, you can certainly refinance to a conventional loan without mortgage insurance. However, if you put down 3% within the last 5-6 years, and haven't paid extra large chunks to principal, there's most likely no way you'll have 20% equity.
You can refinance to a conventional loan with as little as 5% equity, but you'll still have the mortgage insurance. Most people are actually lucky to be in an FHA loan right now. There's an easy streamline refinance available, allowing you to reduce your interest rate without credit/income qualification, and NO APPRAISAL!!
Contract several mortgage brokers in your area to get some good faith estimates, then make sure which combination of rate AND closing costs is best for you.
But the big issue with conventional loans are the hits (to the rate)for credit score and loan to value and the private mortgage insurance can get pretty expensive.
Is it a good idea to refinance a FHA loan?
I currently have a FHA loan now at 6.5% I'm not sure if I should refinance or not.
Its a good idea as interest rates have dropped dramatically over the past 30 days. Some things to think about though......do you know if your property value has fallen over the past year? If so, refinancing will affect you negatively. Do you have good credit? If not, you may not be approved or if you are the rate might be the same as you already have.
I would seek out a reputable mortgage professional in your area. They will may out several scenarios for you and talk to you about all of your options and fees associated with refinancing. Once you have all of this information on paper, you can decide if its worth it.
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I have a home equity loan I want to ditch. Can I use an FHA loan to refinance both my mortgages?
Depending on what the appraisal comes back at, I might be really close to owing as much as it's worth. Can an FHA mortgage be used for this?
I'm looking for more information on how FHA loans work. Can I use FHA to refinance? If so, are there any limits on how much I can borrow against my house? Is FHA a pain in the rear to process?
Forget I said anything about equity for now. I just want to know if this is doable.
Great question! You're on the right track, too!
Since you are combining your mortgages, it will likely be considered a cash-out refinance. FHA has one of the highest loan-to-value limits for a cash-out refinance. FHA allows for up to 95% cash-out. Knowing this, a FHA loan is going to be one of the best options for your situation.
Also, with the new higher FHA loan limits, FHA is becoming increasingly popular for homeowners looking to refinance. In the past, FHA was typically seen as a first-time home buyer's loan (which it still is great for), but a lot of seasoned borrowers are taking a second look at the rate security and flexible guidelines of FHA loans.
I'm including a couple links if you'd like more information on FHA loans.
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FHA refinance loan?
We are trying to do a cash out refinance and have already done the appraisal of our house. We are looking to do a 95% cash-out refinance and our mortgage broker suggested an FHA loan. It seems to good to be true. What are the downsides?
The down side is that your closing costs tend to be higher. You have to pay 1 1/2 points in upfront PMI (often financed in the body of the loan) and regardless of how much your property increases in value, you have to pay your PMI for at least 5 years.
That is a bad move overall...and MIP is very difficult to get rid of.
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Is it easy/cheap to refinance an FHA loan? What's envolved?
I was told by a mortgage broker that it was easy/cheap to refinance an FHA loan. I was wondering if anyone had any experience with this? Any help would be greatly appreciated.
it would be if you werent getting cash out....then it would be a streamline FHA. also depends on the state you live in
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines
I found interesting information about your answer & the best options here. (mortgage opportunitty refinancing )
http://all-mortgage-calculators.blogspot.com/2007/06/mortgage-opportunitty-financing-and.html
Good luck!
If I have a private mortgage can I refinance it to a fha loan?
I bought my home oct'07 100% financing Not much equity yet but high interest 8.25 could I refinance using fha? I've now paid off almost all my debt.
The yes and no of your first question is yes you can refince to an FHA loan.
Can a conventional home mortgage loan be refinanced using FHA?
I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that's not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you
yes you can but the correct answer is...you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi's cashouts, and it depends on the COUNTY limits...not the state limits. They have county limits....not state limits.
Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.
Can I still refinance out of PMI on my 15yr FHA loan?
I have a 15 year FHA loan that origninated June 2 2008. I had a 10% downpayment and had upfront PMI tacked on to the loan. I would now like to refinance to a 30 year conventional loan with 20% down. Will a percentage of my current PMI be removed or have the laws changed?
can fha i loan refinance - News
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