FHA World Florida- Mortgage Florida Refinance
When you're thinking of refinancing your option will be simple:
Conventional Mortgage - Refinance - A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac's Federal
regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae. The term conforming is most often used when speaking specifically
about a mortgage amount; however, the terms "conforming" and "conventional" are frequently used interchangeably. Mortgages that exceed the conforming loan limit are classified as non-conforming or
jumbo mortgages.
FHA Mortgage - Refinance - A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate
income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.50% of the value of the home. The 3.50% down payment requirement can come from a gift
or a grant, which makes FHA loans popular with first-time buyers.
VA Mortgage - Refinance - A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer long-term financing to eligible
American veterans or their surviving spouses. The VA loan allows veterans 103.15 percent financing without private mortgage insurance. In a purchase, veterans may borrow up to 103.15% of the sales
price or reasonable value of the home, whichever is less. VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA also allows the seller to
pay all of the veteran's closing costs as long as he home.
Portfolio Mortgage - Refinance - A company that not only originates mortgage loans, but also holds a portfolio of their loans instead of selling them off in the secondary market. A
portfolio lender lends their own money and also seeks to make profits off the spread (difference) between interest-earning assets and the interest paid on deposits in their mortgage
portfolio.
FHA World Florida- Conventional Refinance
Homeowners who currently have an FHA loan may find that refinancing into a conventional mortgage can reduce their monthly housing expenses. Conventional loans often have lower mortgage rates than comparable FHA loans and lower mortgage insurance costs. So, although FHA loans are a great choice in today’s market, many consumers are finding a savings by refinancing out of an FHA loan into a conventional loan.
FHA World Florida - FHA Refinance allows up to 96.50% LTV.
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 580 for 96.50% loan-to-value and anyone refinancing with a score lower than 580 will require 90% loan-to-value. These FICO requirements went 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 500 are accepted if there are compensating factors that offset the credit risk
FHA Refinance rates are the lowest in 50 years.
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?
Mortgage Florida Refinance >>>>>
Mortgage Florida Refinance >>>>>
FHA World Florida - Mortgage Florida Refinance
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FHA World Florida- Mortgage Florida Refinance
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 580 for 85% loan-to-value. These FICO requirements went into effect in the spring 2010. However, most 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 580 are accepted if there are compensating factors that offset the credit risk
The Cash Out loan program allows for a mortgage refinances of owner occupied properties. The maximum cash out refinance loan cannot exceed 85% of the appraised value of the home, which is 5% more than on a conventional loan.
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.
Mortgage Florida Refinance >>>>>
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
Call us 888-958-5382
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
Collection accounts
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
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
Short Sale
FHA guidelines requires three year past from the date of sale of the property
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