FHA REFINANCE PROGRAMS

FHA SECURE

FHA has three different refinance programs. The first one we will discuss is the FHA SECURE program that was introduced to help our failing mortgage market.

Elligible loan types are;

  • Current conventional fixed-rate or ARM loan.
  • Delinquent conventional ARM loan.
    • Delinquency was caused by rate reset (recast) or extenuating circumstance but does not affect borrower’s overall capacity to repay the FHA loan.
  • Acceptable loan features include interest only, payment option and negative amortization.

    • If you are one of the millions of people that are falling behind in your mortgage payments because you have an adjustable rate mortage and the payment has climbed so high due to rate adjustments that it making it nearly impossible to keep current and due to the declining market conditions you do not have enough equity to refinance into a fixed rate then you need to call me to arrange for you to refinance under this program.

    CASH OUT 95% REFINANCE

    If you have owned your home for at least 1 year and have either a FHA or conventional loan with last 12 payments made within the month due (no payments over 30 days late) AND have sufficient equity to refinance, then you could qualify for this program.

    95% of the current appraised value allows you to pay off your current mortgage plus the ability to consolidate debt or get cash out for vacation, college tution or squirrel it away for later needs.

    FHA STREAMLINE

    If you already have a FHA mortgage and want to refinance to a better rate, this is your program.

    Qualify process has been streamline based on your good mortgage history with the current FHA mortgage.