Pay off debts with an FHA cash out refinance.
Has your mortgage been paid on time for the last 12 months?
If it has then you've met the first requirement of an FHA refinance.
Need to refinance because of a divorce, balloon mortgage, debt consolidation or pay off your credit cards or a car loan. Bring down your monthly payments with a refinance. Do you want to consolidate debts and reduce your payments?
FHA refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage.
FHA refinance allows you to refinance up to 85% of the value of the property with a minimum credit score of 500.
FHA has taken the following steps:
The cash from your refinance can be used for any of the following:
* Home Improvements
* Bill Consolidation
* Large Purchases
You do not have to have an existing FHA loan in order to refinance. You may refinance 1-4 unit properties.
Debt to income ratio
Debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage. They are used to determine if you have the capacity to repay your mortgage.
There are two calculations. The first or Front Ratio is your housing expense-to-income ratio. This is your proposed mortgage payment (principle, interest, taxes, mortgage insurance, and home owners insurance) divided by your gross monthly income.
The second or Back Ratio is your total monthly obligations-to-income ratio. This is your gross monthly payment including Mortgage PITI divided by your gross monthly income.
Apply for an FHA refinance now!
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FHA requires a minimum 500 credit score to refinance
VA requires a minimum 500 credit score to refinance
Fannie Mae requires a minimum 620 credit score to refinance
Freddie Mac requires a minimum 620 credit score to refinance
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