Find! FHA Experts

FHA Home Loan Information
Apply for a FHA Loan
What is an FHA Loan
FHA vs. Conventional
FHA loan limits
FHA Mortgage Insurance
Required Documentation
FHA Closing Costs
Purchase vs. Refinance
FHA Streamline Refinance
FHA Refinance Loan
FHA Hybrid Arm's
FHA Jumbo Loan Program
Reverse Mortgages
FHA Secure Program
203-K Rehab Loans
203-K Streamline Loans
Find a 203-k Consultant
FHA Kiddie Condo's
Officer next door
Teacher next door
MIP Refund explanation
FHA HUD homes
Home Buying Guides
Request Services
Join Email Newsletter
Message Boards
 
Get the answers to all your 'bottom line' questions on our Mortgage Calculators Page.
Website Awards
Business Links
Link Exchange
About Us
Privacy Policy
Equal Housing Opportunity.
Equal Housing Opportunity Logo 

 

  www.FHAinfo.com 
2856 East Kemper Rd, Cincinnati, OH 45241 ---  Contact Us

         FHA Refinance Loan         

Home owners with or without FHA home loans may us the FHA cash out refinance loan program to consolidate their bills or take cash out of their property.

FHA Cash Out Refinances

FHA Cash-out refinances loans on properties owned more than one year prior to the refinance are permitted on owner occupied principal residences only, and are limited to 95% of the appraised value plus the allowable closing costs.

A FHA cash-out refinance loan is when a borrower refinances their current mortgage for more than they owe in order to pull out the built up equity that has accrued in the home. The amount a home owner can borrower is limited by the value of the property compared to the loan amount (otherwise known as the loan-to-value or LTV). 

The following are basic requirements of a cash-out FHA refinance home loan:

  • The subject property must have been owned by the borrower as his or her principal residence for at least 12 months preceding the date of the loan application.

  • If said property is encumbered by a mortgage, the borrower must have made all of his/her mortgage payments within the month due for the previous 12 months, i.e., no payment may have been more than 30 days late and is current for the month due.

  • Applies to owner occupied properties only

  • The property that is security for the refinanced mortgage must be a 1- or 2-unit dwelling.

  • Loan amounts may not exceed the maximum loan limits for the area.

  • Subordinate financing may remain in place, but subordinate to the FHA insured first mortgage, regardless of the total indebtedness or combined loan-to-value ratio, provided the homeowner qualifies for making scheduled payments on all liens.

  • All borrowers must credit qualify.

  • Any co-borrower or co-signer being added to the note must be an occupant of the property. Non-occupant owners may not be added in order to meet FHA's credit underwriting guidelines for the mortgage.

  • If a homeowner is pursuing a cash-out refinance and the loan balance exclusive of FHA’s upfront mortgage insurance premium will exceed $417,000, the loan-to-value may not exceed 85 percent of the appraiser’s estimate of value.

  • Apply for your Cash Out Refinance Now!   

    For those that currently have a FHA home loan and do not want to take any cash out or consolidate any bills they may want to consider a FHA Streamline Home Loan.

     

    How to Qualify
    Understanding fha loan credit guidelines
    Credit Guidelines
    fha loan income guidelinesIncome Guidelines
    overcome credit problems to get approved for a fha loanOvercoming Credit Problems
    FHA loan case studies


    Case Studies

    FHA loan underwriting


    What are compensating factors ?

    How much money do you need for a fha home loan

    How much money do I need?

    Where can you get Free down payment moneyWhere to get down payment money