Coconut Creek Refinance

FHA World Florida- Coconut Creek Refinance

When you're thinking of refinancing your options will be simple:

Conventional Mortgage - Refinance - A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. The term conforming is most often used when speaking specifically about a mortgage amount; however, the terms "conforming" and "conventional" are frequently used interchangeably. Mortgages that exceed the conforming loan limit are classified as non-conforming or jumbo mortgages.

FHA Mortgage - Refinance - A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.50% of the value of the home. The 3.50% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.

VA Mortgage - Refinance - A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses. The VA loan allows veterans 103.15 percent financing without private mortgage insurance. In a purchase, veterans may borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less. VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA also allows the seller to pay all of the veteran's closing costs as long as he home.

Portfolio Mortgage - Refinance - A company that not only originates mortgage loans, but also holds a portfolio of their loans instead of selling them off in the secondary market. A portfolio lender lends their own money and also seeks to make profits off the spread (difference) between interest-earning assets and the interest paid on deposits in their mortgage portfolio.

Lower Monthly Payments

FHA World Florida - Rate & Term Refinance

One of the best ways to reduce mortgage payments is to do a mortgage refinance as long as the new mortgage interest rate is at least one to two percent lower than the current rate and there is sufficient equity in the house. It's also important to a make sure there is no prepayment penalty on the existing loan.

To reduce mortgage payments, make sure a new loan will not cost more than the savings. The cost of your refinance should be saved within your first year. So, if the refinance cost you $2,500.00 you should have a monthly savings of $208.00 per month.

Conventional or conforming mortgage loans are mortgages that conform to Fannie Mae or Freddy Mac guidelines. When you refinance to get a lower payment you are doing a rate & term refinance. Conforming rate & term refinance have become for borrowers with good or excellent credit. The maximum loan-to-value for a conforming loan is 125.00%. So, even if your owe more than the property is worth you still may be able to refinance.

FHA World Florida - FHA Rate & Term Refinance

The FHA Refinance loan program allows for a Florida home owner to lower his mortgage payments. Home owners do not have to currently have a FHA loan in order to get a new FHA loan. FHA allows rate & term refinance up to 96.50% of the value of the property. 

FHA loan program allows for easier qualifying and lower credit score:

  • Consolidate first and second mortgage into a single loan
  • No FICO score O.K. or minimum 600 credit score
  • Competitive rates for borrowers with a Bankruptcy older than two years
  • Competitive rates for borrowers with a Foreclosure older than three years
  • Easier credit and income qualifications
  • FHA regulated closing costs

Cash Out Refinance

FHA World Florida -  Cash Out Refinance

In the mortgage market today, the two most popular types of cash out refinances are: conventional refinance and FHA refinance. Each has their benefits and drawbacks, and knowing the differences can help a borrower to decide which is the best option for their financial needs.

For home owners that need cash the maximum cash out amount on a conventional refinance loan cannot exceed 80% of the appraised value of the home. Keep in mind that conventional loans require either a higher credit score or a lower loan-to-value.

FHA World Florida - FHA Cash Out Refinance

The FHA Refinance loan program allows for a Florida home owner to take cash out when they refinance. For home owners that need cash the maximum cash out refinance loan cannot exceed 85% of the appraised value of the home, which is 5% more than on a conventional loan.

As cash out refinance mortgage is defined as follows: A mortgage refinance where borrower gets more than $2,000 back after close of transaction, and / or, any refinance that involves consolidating a second mortgage or equity line that is less than 1 year old.

The cash out from your refinance mortgage can be used for any of the following:

  • Home Improvements
  • Bill Consolidation (and mortgage if second is less than 1 year old)
  • Large Purchases
  • Schooling
  • Vacation
  • Investment(s)
  • Cash

You do not have to have an existing FHA loan in order to do a cash-out refinance. You may use the cash out refinance for 1-4 unit properties.

What documentation will I need?

  • W2's for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months for each active account with sufficient reserves (all pages)
  • Latest retirement statement for each active account (all pages)
  • Clear copy of Driver’s License
  • Clear copy of SS card
  • Addresses and loan information of other real estate owned (if any)
  • Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)

Coconut Creek Florida Refinance >>>>>

 

Official Florida state seal.


Coconut Creek Florida Refinance >>>>>

Serving the following Florida Counties.

FHA World Florida - Florida Refinance Mortgage

Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington.

Minimum Credit Score of 600

FHA World Florida - Florida Refinance Mortgage

Generally, a borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. New FHA Policy changes require minimum FICO score to be 600 for 85% loan-to-value. These FICO requirements will go into effect in the spring 2010. However, most individual lenders will still require credit scores higher than 640.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 600 are accepted if there are compensating factors that offset the credit risk

Apply Now! >>>>>

Coconut Creek Refinance

Coconut Creek Refinance Lower your Payments

Coconut Creek Refinance Cash Out Refinance

Coconut Creek Refinance Rate & Term

Coconut Creek Refinance Streamline

Coconut Creek Refinance Mortgage

Coconut Creek Refinance Rates

Coconut Creek Refinance >>>>>

Coconut Creek Refinance >>>>>


2019 FHA Credit Score needed to buy
a condo or refinance


FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

FHA requires a minimum credit score of 500 to buy a home or refinance


Bankruptcy

Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date


Foreclosure

Foreclosure must have been resolved for at least 3 years

Government loan: Seasoning is determined by the date the claim was paid

Loans other than Government: Seasoning is determined by the date of sale the lender sold the property


Short Sale

FHA guidelines requires three year past from the date of sale of the property


What documentation will I need?

  • Personal tax returns for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months (all pages)
  • Clear copy of Driver’s License (front and back)
  • Clear copy of SS card (front and back)

Call Now, Our Staff is Available
888-958-4228


Apply Now!