FHA World - FHA Refinance allows up to 96.50% loan-to-value.
FHA Refinance Palisades Park NJ. 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 96.50% loan-to-value and anyone refinancing with a score lower than 600 will require 90% loan-to-value. These FICO requirements will go 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 600 are accepted if there are compensating factors that offset the credit risk
FHA Refinance rates are at a 50 year low.
This is the lowest rate in over 50 years according to Freddie Mac. FHA has more flexible underwriting guidelines compared to conventional loans.
You need to know what your property is worth. You can get a good guesstimate by going to www.zillow.com or by contacting a local appraiser for a value estimate based on comparable sales in your area.
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 allows cash out amount up to 85% of the value of the property.
What documentation will I need?
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
* 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%
FHA Credit Score
Requires a minimum credit score of 500 to buy a home or refinance
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
FHA guidelines requires three year past from the date of sale of the property
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