FHA Refinancing
November 7th, 2009 | 
Author: After being asked about FHA refinancing from numerous friends, I decided to do some research on my own. Here is some great information that I can bet many people do not know.
Everyone at this time is under the impression that you need equity in your home to refinance into another lower interest rate loan. Yes this is true for the most part, except for FHA Loans. Homeowners with existing FHA financing on their current home are able to refinance their current mortgage without having equity. This is a different program called FHA Streamlined Refinancing.
The new loan would not require to have the home appraised. This is great news. A normal refinance without FHA, would require a new appraisal and would show the true value of the property which would not entitle them to refinance.
Of course there are a couple draw backs to this situation, but if the rate will save you a considerable monthly amount, then I advise you to check it out at the link above for more information.
- To refinance a current FHA Mortgage into another one, the homeowner can not take out more of a loan than what is currently owed on the property.
- The homeowner also may not refinance the current loan if they have been delinquent in any mortgage payments in the last year.
Posted in Real Estate | 
Tags: agent, Financing, listings, loans, Real Estate, realtor, sacramento real estate, short sale, Short Sales, terri wisecarver
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