FHA Refinance Guidelines 2016

FHA Refinance Guidelines 2016

1. FHA mortgage rates are the lowest in over 50 years according to Freddie Mac. FHA has more flexible underwriting guidelines compared to conventional loans.

2. Minimum credit score 500 to refinance. FHA minimum credit score is 530. New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

3. FHA allows refinance after bankruptcy. At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines.

FHA will consider approving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year.

4. FHA cash-out refinance. 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.

5. FHA 2016 refinance guidelines. FHA allows home owners to lower their monthly payments. Let a FHA-insured mortgage lower your monthly mortgage payments. Payments will include principal, interest, taxes and insurance.

6. FHA mortgage refinance. A rate and term refinance is when a borrower refinances to lower the interest rate or change the term of the mortgage. Usually people do a rate and term refinance because they want to lower their payments.

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