how to refinance a fha mortgage

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learn more about fha (federal housing administration) loans and that they are widely used by first-time homebuyers and people with low-to-moderate incomes.

Rolling student loan debt into your mortgage is one of those options. The two types of debt most Americans carry are mortgages and student loans. This year, student loan debt climbed to $1.5 trillion,

Borrowers with FHA loans, who have a minimum of 20 percent equity in their homes, have an incentive to refinance into a conventional mortgage because it will eliminate the costly private mortgage.

what is fha mortgage

Benefits of FHA Loans: Low Down Payments and Less Strict Credit Score Requirements. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing.

The mortgage to be refinanced must already be FHA insured; The mortgage to be refinanced should be current (not delinquent) The refinance must result in a lowering of the borrower’s monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage

FHA loans offer a great way to purchase a home with a low down payment. One downside to FHA loans is the monthly mortgage insurance premiums required on them.

There are several options, including HARP, the FHA streamline refinance program, and HAMP. Here are the basics of these programs, which can all be used to refinance your mortgage or, at the very least.

FHA borrowers may be eligible for a partial refund of their upfront mortgage insurance premium, if they sell, refinance, or otherwise alter their home loan within three years.

Basically, every kind of repair that can be done to a property, we do it,” said Brad McMullen, vice president of renovation lending for PrimeLending, a national mortgage lender that emphasizes.

“Otherwise it’s not worth refinancing,” Stevens says. One potential downside to an FHA streamline refinance: You’ll pay a fresh upfront mortgage-insurance premium and continue shelling out monthly.

foreclosure on reverse mortgage Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender.

With a reverse mortgage refinance you may be eligible for a larger amount and/or improvements to your current interest rate. See if you may be eligible for a refinance and check current qualifications.