Florida Refinance

FHA World Florida - Florida Refinance

1. FHA Refinance - 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.

2. Rate & Term 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.

3. 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.

4. FHA Streamline Refinance - The streamline refers only to the amount of documentation needed and allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal.

FHA World Florida - FHA Loans

1. FHA Closing Cost - FHA regulates some of the closing costs associated with a FHA loan. FHA allows the seller to pay up to 6% of the sales price for closing cost. The borrower can avoid paying out of pocket fees.

2. FHA Credit - Two lines of credit are necessary to apply for an FHA loan. However, in the event a borrower does not have sufficient credit on their credit report the FHA will allow substitute forms. Rental or mortgage payment history of 12-24 months will be required.

3. FHA 30 Year Fixed Rate - Fixed-rate mortgages are the most common mortgage because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan – whether it's a 15 year, 20 year or 30 year mortgage, allowing for predictability in your monthly housing costs.

FHA World Florida - Florida Refinance

For more information on buying a home or to see if you qualify for a home loan please give FHA World a call at (888) 958-5382.

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