Fha Blog

FHA loans and the condo conundrum

If you're living in a condominium and have an FHA loan, you may be surprised to find that your condominium isn't currently on the FHA loan approval list. FHA approvals are not permanent, so a condominium association may have issues that cause the FHA to stop insuring loans for units within the development at any time. If you're interested in refinancing with an FHA loan or would like to eventually sell your property to someone using FHA financing, you should take steps now to work with your cond [...]

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Income limits make FHA refinance more attractive

The Federal Housing Administration (FHA) loan program, originally designed to help low- and moderate-income Americans become homeowners, continues to serve that group of consumers but also provides mortgage options for higher income earners. In fact, FHA loan limits, which are set by Congress according to the cost of housing in each county, are higher than loan limits set for conforming loans guaranteed by Fannie Mae and Freddie Mac. While all three loan programs have a maximum loan limit of $41 [...]

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Need a low-equity solution? An FHA refinance may help

The financial crisis and the housing market crash, while hopefully safely behind us, are still having a lasting impact on some homeowners. Even though home values have risen steadily in recent months, many homeowners still lack the level of home equity required by numerous lenders for a home refinance. A recent study by data-analytics provider CoreLogic found that 21.1 percent of all homeowners with a mortgage have less than 20 percent in home equity. Some homeowners lack equity because they mad [...]

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Refinance in 2013 to avoid rising rates and restrictions

While no one can predict with absolute certainty when mortgage rates will rise, the likelihood is that interest rates will rise in 2014 unless the U.S. experiences a worsening economy. Mortgage rates rose earlier in 2013 from less than 4 percent to above 4 percent and then dipped down again a little after the Federal Reserve decided to continue its monetary policies until the economy seems stronger. A variety of factors influence mortgage rates, among them the interest rates set by the Federal R [...]

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FHA refinancing standards easing for some borrowers

There's no question the recession and the housing crisis did major damage to many Americans, including job losses and foreclosures and a spike in families declaring bankruptcy. Mortgage lenders and government agencies such as Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) all tightened their guidelines for mortgage borrowers as a result of the financial crisis. Many mortgage experts believe that in an attempt to avoid the easy lending standards that contributed to the housi [...]

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Streamline your way to a lower rate

Whether your goal is to reduce your monthly payments or shorten your loan term, an FHA Streamline Refinance could simplify the process. You can contact your current lender to find out if you're eligible, but you should also shop around with other lenders to compare their rates and requirements for an FHA refinance. The Streamline Refinance rules set forth by the FHA don't require an appraisal, income verification or a credit check -- but many lenders add some of their own requirements for borrow [...]

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5 tips for successful FHA refinancing

Whether you opted for an FHA loan because you wanted to make a lower down payment or because you needed easier credit standards, you may be considering refinancing your home. While a good lender can help you evaluate your individual circumstances, there are steps you can take first to make the most of an FHA refinance. First, you should be aware that the mortgage insurance premiums on FHA loans, which are required of all borrowers for at least 11 years and sometimes for the entire loan, have bee [...]

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Can you cash out with an FHA refinance?

At the height of the housing bubble when home values were rising rapidly and lending standards were loose, many homeowners found it easy to refinance into a larger loan so they could turn their home equity into cash. Some homeowners used their home as an ATM machine, pulling out cash to pay for a vacation, a costly car or other expenses. Wiser homeowners used their equity to pay for home improvements that increased their home value or to pay for college tuition or pay off high-interest debt. Tod [...]

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