FHA refinance Florida

FHA refinance Florida

Credit score - FHA announced a new policy to address risk. FHA has changed the minimum credit score for new borrowers:

• FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  
• FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
• This has allowed the FHA to better balance its risk and continue to provide financing for home buyers

FHA refinance Florida

Probably the most common reason for refinancing is to lower your monthly payments in order to ensure that each payment can be made.

There are various ways to lower your payments. One way to do so would be to increase your loan term in order to pay less for an extended period of time.

If you have an fixed rate mortgage and feel that you can't afford your current payments on the short term, but believe you will be able to deal with an increased rate later on, you might want to consider switching to an ARM because its rates will be fixed at a lower rate for a short period of time and then adjust later on when you know you can afford it. Conversely, if you have an ARM it would make sense to switch to an fixed rate mortgage with lower rates.

Decrease loan term

You may choose to refinance primarily for the reason of decreasing the loan term while slightly increasing monthly payments. In the long term this probably will save you a lot of money thanks to a lower interest rate. You will also finish paying off the loan a lot sooner.

Cash-out

Many times there are other important debts you have to pay off or will need to pay off in the near future. Refinancing for more than you currently owe will allow you to receive a large amount of money to pay for these investments, whether it be for college, home improvement, or buying a car. Many times you can do so while getting a lower interest rate.

If you are a homeowner, you are probably well aware of the mortgage rates that are currently available. If you are locked in at a higher rate, however, you are probably wondering how you might be able to take advantage of the low rates and save some money on your mortgage. Right now is a great time to take advantage of home refinancing opportunities and potentially save thousands of dollars over the life of your loan.

FHA refinance Florida

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