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Archive by category: RefinanceReturn
Oct 29, 2018
FHA cash-out loans are a very popular way to get access to the equity that has grown in your home. You likely purchased your home with 3.50% down payment. Over time, your “equity position” has grown significantly to 20% (or more). With as low as a 500 credit score, you are eligible for a FHA cash out loan.   If your credit scores are over 620, then a good option to review with a mortgage professional is a conventional cash out loan.
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Oct 15, 2018
Eliminating PMI should always be your first goal when looking to refinance your FHA mortgage.  The reasons is simple, it adds nearly 1.00% to your effective interest rate (the rate you are really paying)!   When factoring the Upfront PMI that you paid at closing, your payment on this loan are very high.  The FHA loan did its job at allowed you to purchase the home at a low down payment.   Now its time to use the new equity and get into a more advantageous loan production.
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Sep 03, 2018
If you are currently have a FHA loan, you have many refinance options.   The range of options will be determined by your Credit Score and the amount of Equity you have in the property.   The Better your credit and the Higher the property Value, the better options you will have!
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Jul 30, 2018
FHA loan handbook, HUD 4000.1 states that a refund is available if the borrower is refinancing an FHA mortgage to another FHA mortgage within the first 3 years.   This schedule is a pro-rated refund based upon the length that you have been on the loan.
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Jul 15, 2018
The qualifications for an FHA cash out loan is very similar to a new purchase loan or an regular FHA loan. Since the borrower is receiving money back on their investment, the lender is required to run a new credit report and the requirements are still relevant for new and even repeat customers.
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FHA requires a Refi
HUD requires that FHA mortgages after June 2013 to refi in order to drop the PMI.
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