FHA Refinance Programs
Put Your Equity to Work with FHA Refinance Programs
FHA refinance programs are only available to homeowners who currently use their home as their principal residence. Refinancing with an FHA loan can leverage the investment you make in your home year after year.
FHA Refinance Program: Cash-Out
– Allows homeowners to refinance their existing mortgage by taking out another mortgage for up to 85 percent of the home’s value.
– Beneficial to homeowners of property that increased in market value since the home was purchased. If the home was bought more than one year prior to refinancing, the homeowner can refinance the existing mortgage for up to 85 percent of the appraised value, plus the closing costs
FHA Refinance Program: Streamlined Refinance
– Cuts down on the amount of paperwork that must be completed by the lender, saving time and money
– Does not require a home appraisal; therefore, homeowners can use the original purchase price as the home’s current value or most recent FHA logged value
– Available as a fixed rate or adjustable rate mortgage
– No prepayment penalty
– Rates are as low as with regular FHA programs
– Beneficial to homeowners in good financial standing with no significant debt
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