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FHA MORTGAGE REFINANCE FLORIDA

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FHA REFINANCING BENIFITS FLORIDA HOMEOWNERS- FHA refinancing offers existing Florida homeowners the opportunity to complete a FHA mortgage refinance with loan advantages you wont find in any other Florida home loan program. Refinancing a Florida mortgage with FHA can benefit Florida homeowners who do not currently have an FHA loan. FHA mortgage refinancing highlights include the following:


FHA REFINANCE TO CASH-OUT UP TO 85% OF HOMES VALUE:

  • Use an FHA cash out mortgage refinance to consolidate first and second mortgages into a single lower interest mortgage payment. 
  • FHA cash out refinance to consolidate higher unsecured credit cards, car payments and other higher interest obligations.
  • FHA is more forgiving offereing loan applicants easier credit and income qualifications compared to conventional home loan programs. 
  • FHA mortgages are goverment regulated and have lower and more affordable closing costs.

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FHA REFINANCE YOUR RATE OR TERM UP TO  97.5% OF HOMES VALUE:

  • FHA refinance  to lower your current Florida mortgage payment up to 97.75 % of the homes value.
  • No credit score score Florida FHA refinance approvals.
  • FHA refinancing for FHA loan applicants 12 months after a chapter 13 bankruptcy.
  • The very best and lowest FHA interest rates for Florida mortgage loans (3) years after Foreclosure.
  • Refinancing with FHA has flexable credit and income qualifications. 
  • Borrowers regulated FHA closing costs.

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FHA STREAMLINE REFINANCE AN EXSITING FLORIDA FHA MORTGAGE:

  • No cost FHA refinance to lower your interest rate and/or change your mortgage terms. 
  • No Income or FHA credit qualifications. 
  • Zero FHA loan closing cost or out of pocket refinance options available. 
  • Easily switch lower interest or amortization schedule from adjustable to fixed or vice versa. 
  • Use an FHA refinance to easily shorten or lengthen term of your existing mortgage.
  • Easier credit and income FHA loan qualifications.

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REVERSE FHA MORTGAGES FOR FLORIDA SENIORS TO ELIMINATE PAYMENTS: 

  • If you are 62 or older and have allot of equity in your Florida home you maybe able to refinance your existing Florida mortgages and eliminate yourself of Florida mortgage payments. 
  • View current FHA loan reverse FHA mortgage refinance guidelines.

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FLORIDA FHA MORTGAGE REFINANCE OPTIONS– FHA refinancing will benefit current Florida home owners that are seeking to complete a FHA refinance mortgage of their curent mortgage (s). An FHA mortgage refinance will also benefit those who do not currently have a FHA loan. We have outlined some different ways of using a FHA mortgage for your mortgage refinanace including:

  • 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 a Florida homeowner decides to FHA refinance a Florida mortgage the homeowner owner simply obtains a new first mortgage and pays off the current Florida mortgage with the new refinance proceeds. Simply put, think of an FHA refinancing as replacing an old first Florida mortgage for a new first FHA mortgage, this is the process of FHA refinancing a newFlorida  mortgage with the old one. But with FHA refinancing a qualifying for the new  Florida mortgage is much easier for those Florida loan applicants with bad credit or those looking for a higher (LTV) loan to value. FHA refinancing allows current Florida homeowners to rate and term refinance up to 97.75% of the home’s FHA appraised value. To FHA refinance a Florida home, the homeowner must apply for a new FHA mortgage to payoff the current loan. During the loan application process, the home will go though a new FHA appraisal to determine its value, and the home owner’s mortgage history will be reviewed to determine the FHA loan applicants last twelve-months of mortgage history. The Florida 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 Florida FHA refinance is approved, the homeowner will go to the title company to sign the new promissory note and new Florida refinance 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 Florida mortgage showing on the home after a Florida mortgage refinance will be the new FHA loan.Florida homeowners frequently seek to FHA mortgage 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.

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We are US Mortgage Lenders. Major real estate brokerages regularly entrust their clients to our team due to our reputation for transparency, delivering on time, customer satisfaction and loyalty. With five-star customer reviews on Zillow.com and counting, you’re assured of having the backing of an experienced team.

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