With record low interest rates you will eventually consider refinancing your Florida mortgage. Before make a decision, you should consul from an experienced Florida Mortgage Lender As a Florida mortgage company we have access to the best Florida FHA refinancing programs available. And we would be more than happy to tailor fit your to loan option that best fits your long term objectives. Below we have listed the many advantages or refinancing your Florida home with the FHA mortgage program, just one of the programs we offer.
- Refinance after a chapter 7 Bankruptcy OK!
- Refinance after a Chapter 13 Bankruptcy OK!
- Refinance a land contact!
- FHA Refinance!
- VA Refinance!
- Refinance with Bad Credit!
FHA REFINANCING BENEFITS FLORIDA HOMEOWNERS
FHA refinancing offers existing Florida home owners looking to complete an FHA refinance many advantages you wont find in any other Florida home loan program. An FHA mortgage refinance will also benefit Florida homeowners who do not currently have an FHA loan. FHA refinancing highlights include:
FLORIDA FHA CASH OUT REFINANCE UP TO 85% OF THE APPRAISED VALUE:
• FHA Cash out up to Consolidate first and second home loans into a single FHA mortgage.
• Bill consolidation programs.
• Easier credit and income qualifications.
• FHA regulated closing costs.
FHA RATE AND TERM MORTGAGE REFINANCE UP TO 96.5% OF THE APPRAISED VALUE:
• Refinance to Consolidate first and second mortgages into a single FHA loan.
• No credit score required or minimum 530 credit score Florida FHA loans.
• Competitive FHA rates for loan applicants with a Bankruptcy older than (2) two years.
• Competitive rates for borrowers with a Foreclosure older than (3) three years.
• Easier credit and income qualifications.
• FHA regulated closing costs.
FLORIDA FHA STREAMLINE REFINANCE EXISTING FLORIDA FHA LOANS:
• No Cost for FHA refinance Interest Rate Reductions programs.
• No Income or FHA Credit Qualifications.
• Zero FHA loan closing out of pocket refinance options available.
• Easily switch lower interest or amortization schedule from adjustable to fixed or vice versa.
• Use FHA Refinance to easily shorten or lengthen term of your existing mortgage.
• Easier credit and income FHA loan qualifications.
FLORIDA FHA REVERSE MORTGAGES FOR SENIORS TO ELIMINATE PAYMENTS:
• If you are over 62 years or older and have allot of equity in your Florida home you maybe able to refinance your existing Florida mortgages and rid yourself of monthly mortgage payments.
• View current FHA loan reverse FHA mortgage refinance guidelines.
FHA MORTGAGE REFINANCE OPTIONS
FHA refinancing offers benefits for current Florida home owners who are seeking to complete a FHA refinance mortgage of their existing real estate mortgage (s). A FHA mortgage refinance may also benefit you even if you do not currently have a FHA loan. Some different ways of using a FHA mortgage for your Florida mortgage are as follows:
FHA CASH OUT REFINANCE: An FHA cash out refinance with FHA loan applicant a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current homeowners can cash equity built up in their homes; up to 95% of the home’s FHA appraised value, to spend how they please.
FHA REFINANCE TO CONSOLIDATE DEBT: High interest credit cards and other high interest debt can be consolidated into one low monthly FHA mortgage payment with an FHA debt consolidation refinance.
FHA REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate home loans, including adjustable rate mortgages, can use an FHA refinance to lower their monthly housing obligation. In addition, Florida homeowners with a 15-year mortgage can refinance into a 30-year or 40-year fixed rate mortgage to lower the monthly payments.
FHA STREAMLINE REFINANCE: FHA streamline refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their rate and payments. With an FHA streamline refinance, homeowners can refinance their Florida mortgage payments with no credit check and no appraisal. The only FHA condition is that the homeowner has to be current on the FHA mortgage. Your current mortgage payments must be current in order for you to qualify.
FHA CHAPTER 13 REFINANCE: Florida Homeowners who have enough equity in their home and who are currently in a Chapter 13 repayment plan can refinance to consolidate monthly credit obligations into one low monthly mortgage payment.
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WHAT IS AN FHA REFINANCE?
When an owner obtains a new first FHA mortgage on his or her home, the homeowner has undergone a Florida mortgage refinance. Simply put, think of an FHA refinancing as replacing an old first mortgage for a new first FHA mortgage. But with FHA refinancing, qualifying for the new home loan is much easier because FHA refinancing is NOT credit score driven. With an FHA mortgage refinance you are approved on a common sense approach to lending rather than the credit-score-driven approach. In addition, an FHA refinance allows Florida homeowners to cash out refinance up to 85% and FHA refinance 97.75% of the home’s appraised value to change the rate and term.To FHA refinance a Florida home, the homeowner must apply for a new FHA mortgage. During the application process, the home will undergo a new FHA appraisal to determine its value, and the home owner’s credit file will be reviewed to determine the borrower’s last twelve-months of payment history. The FHA mortgage lender will also order a title report to search for any other liens or encumbrances that may appear. Assuming all these items are less than the home’s appraised value and that they can be paid off with the FHA refinance, the loan will be approved.
Once the FHA refinance is approved, the homeowner will come to the title company to sign the new promissory note and Florida mortgage. The proceeds of the new FHA mortgage refinance loan will be used to pay off the old first mortgage as well as any additional mortgages and liens on the property. Accordingly, the only mortgage showing on the home after the refinance will be the new FHA loan.
Florida homeowners frequently seek to FHA refinance their Florida home when interest rates fall below their current interest rate on their Florida home. For example, if a Florida homeowner has a 30-year fixed mortgage at 8% and a loan of $100,000.00, it would be wise to seek an FHA refinance if interest rates fall to 6%. The savings of an FHA refinance situation would be $134.00 per month. Over the life of the loan, the refinance applicant’s savings could reach a total of $48,240.00. If the FHA refinance was for $200,000.00, the monthly savings would be $268.00, an almost $100,000.00 savings over the life of the FHA refinance! Accordingly, when determining whether it is worthwhile to refinance a Florida home, the homeowner should weigh out the long-term savings against the costs involved in the FHA refinance and consider the length of time the Florida homeowner intends to stay in the same Florida home to insure that the FHA Mortgage refinance is worthwhile.
The costs typically involved in a Florida FHA mortgage refinance include points, document preparation fees, tax service fees, title expenses, appraisal fees, and other FHA refinance costs. Of these, the “points” is typically the most expensive. Using the $100,000 FHA refinance example again, for a refinanced loan with one point (1%), the homeowner would pay a fee of $1,000.00 to secure the refinance. If two points (2%) were being paid, then the Florida homeowner would pay $2,000.
Don’t waste time fill out a full Florida FHA mortgage application and we will handle all the FHA paperwork for you!.
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