Refinance Loans

FHA refinance loans can be used to accomplish a number of goals, For instance you can:

  • Convert your ARM into a fixed
  • Refinance into a lower rate and payment
  • Get cash out for debt consolidation
  • Shorten your mortgage term
  • You can even rehabilitate or upgrade your home

When refinancing without cash out, FHA loans will allow a loan amount of up to 98.75% of the appraised value of the home. This is especially important if you have purchased your home recently and financed a high percentage when you bought it. Whether converting an ARM to a fixed, lowering your interest rate, or trying to reduce your monthly PMI costs, FHA loans are a great choice when refinancing your current mortgage.

When taking cash out, FHA loans allow you to finance up to 85% of the homes value. This is significantly higher than conventional loans, and therefore will allow you to get more cash for things like debt consolidation, home improvements, vacations, school, etc. FHA also does not require a higher rate when taking cash out, making FHA loans the best choice for refinancing for this purpose.

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

visit the full blog »
HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

visit the full blog »