Are you thinking of a Florida FHA refinance?
Rate and Term Refinance
FHA allows up to 97.75% loan-to-value.
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 credit score to be 580 for 97.75% loan-to-value and anyone refinancing with a score lower than 580 will require 90% loan-to-value. These credit score requirements went into effect in the spring 2010. However, 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 500 are accepted if there are compensating factors that offset the credit risk.
This is the lowest rate in over 50 years according to Freddie Mac. FHA has more flexible underwriting guidelines compared to conventional loans.
Florida FHA refinance
FHA streamline provides a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan. "No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.
Cash out refinance 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 cash out amount up to 85% of the value of the property.
What documentation will I need?
Florida FHA refinance
Call us 888.958.5382
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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We look forward to working with you.
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Feb 26, 24 08:56 AM
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Florida Minimum Credit Score Needed
to Refinance
Call 888.958.5382
FHA Loan
Requires a minimum credit score of 500 to refinance
VA Loan
Requires a minimum credit score of 500 to refinance
Fannie Mae
Requires a minimum credit score of 620 to refinance
Freddie Mac
Requires a minimum credit score of 620 to refinance
Call Now, Our Staff is Available
888-958-5382