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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KEYWORDS:FHA Refinance Guidelines 2016, FHA Florida Refinance Guidelines 2016, FHA Florida Refinance Guidelines 2016, FHA Florida Refinance Guidelines 2016, FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to refinance.

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FHA Credit Score needed to buy
a house 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?

  • W2's or Personal tax returns for 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)

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