Chillious
Best choice for Financial and Cryptocurrency News

- Advertisement -

- Advertisement -

BTC
$16,771.31
+1.35%
ETH
$506.01
+0.95%
LTC
$68.14
+1.96%
DASH
$90.91
+3.43%
XMR
$115.03
+2.4%
NXT
$0.01
+1.75%
ETC
$6.17
+5.21%
DOGE
$0.00
+4.61%
ZEC
$68.26
+2.16%
BTS
$0.02
+3.08%
DGB
$0.02
-0.77%
XRP
$0.54
+11.2%
BTCD
$42.13
0%
PPC
$0.22
+2.14%
CRAIG
$0.00
0%
XBS
$1.14
0%
XPY
$0.01
+134.15%
PRC
$0.00
0%
YBC
$4,469.00
0%
DANK
$0.00
0%

Steps to Refinance an FHA Mortgage Loan

Step 1: Contact your local FHA mortgage lender or bank and explain that you want to refinance the existing FHA mortgage loan. You do not have to work with the lender or the bank, which is currently servicing the loan. You can shop around for lenders to offer the lowest fees or the fastest turnaround time.

Conditions Required to Obtain a FHA Loan:

  • Steady employment history, at least two years of employment history
  • Consistent income over the past two years
  • Any Chapter 7 bankruptcy on record must be at least two years old with good credit for the two consecutive following years.
  • Any foreclosure must be at least three years old
  • FHA mortgage payment of no more than approximately 30% of applicant’s total monthly gross income

Ask the lender about streamlined FHA refinance. This type of refinance is only for homeowners who already have an FHA loan. FHA Streamline mortgage refinance require much less documentation than not a traditional refinance. You will only be eligible for streamlined refinancing if you currently are in a FHA Loan.

Step 2: Send the lender by fax, mail or e-mail, depending on preference, all documentation that is requested by the mortgage lender.

Step 3: Give the lender permission to check your credit and to appraise your home. Both are important for the refinance process. Lenders rely on consumers credit score – anything above 720 is considered good, while scores below 620 is considered bad – to determine if they will lend you money and what interest rate. They will send an appraiser to ensure your home value has enough equity. Most lenders and banks require that you have at least 90 percent equity in your home.

FHA Home Mortgage Loans are Backed by the Federal Housing Administration and is an increasingly popular choice for home buyers. This is partly because the FHA loans require only a 3.5 percent advance in the home purchase price, as most mortgage lenders require 20 percent down payment. Locate an FHA approved Mortgage Lender.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More