FHA Mortgage Refinance
Government backed FHA mortgage programs have been around for quite some time. Although not much has changed with this loan in quite some time. Today, there are new changes on the horizon.
- Cash out refinance to 95% loan to value
- Increased FHA mortgage size limits
- up to 97% interest rate and term refinance
- Relaxed credit requirements and unpaid debt restrictions
Though the new guidelines will not be in effect for a few weeks. Already this will help many homeowners facing tough times, qualify
for a low fixed rate mortgage. There are some differences using an FHA product. First, up front mortgage insurance must be paid at time
of closing in the amount of 1.5% of the loan amount, and monthly MI is required in the amount of .350 - .50 percent. There are no stated income programs for
FHA, but each loan is treated on a case by case basis, so flexible lending guidelines can help you qualify for this refinance mortgage.
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