Mortgage Refinance Miami

FHA World - Mortgage Refinance Miami Florida

When you're thinking of refinancing your mortgage 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.

Rate and Term 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 96.50% loan-to-value and anyone refinancing with a score lower than 580 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 500 are accepted if there are compensating factors that offset the credit risk

Rate and Term Refinance

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.

Cash Out Refinance Florida

FHA World - Cash Out Refinance in Florida

The Cash Out Refinance 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.

The cash out from your refinance mortgage can be used for any of the following:

  • Home Improvements
  • Bill Consolidation (and mortgage if second is less than 1 year old)
  • Large Purchases
  • Schooling
  • Vacation
  • Investment(s)
  • Cash

You do not have to have an existing FHA loan in order to do a cash-out refinance. You may use the cash out refinance for 1-4 unit properties.

What documentation will I need?

  • W2's for the past 2 years
  • Current pay stubs for the past month
  • Bank statements for last 2 months for each active account with sufficient reserves (all pages)
  • Latest retirement statement for each active account (all pages)
  • Clear copy of Driver’s License
  • Clear copy of SS card
  • Addresses and loan information of other real estate owned (if any)
  • Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)

Mortgage Refinance Miami >>>>>

 

Mortgage Refinance Miami >>>>>

Serving the following Florida Counties

FHA World - Mortgage Refinance in Florida

Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington.

Minimum Credit Score of 500

FHA World - FHA Cash Out in Florida

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 85% loan-to-value. These FICO requirements will go 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 600 are accepted if there are compensating factors that offset the credit risk

Apply Now! >>>>>

Lower Payments or Cash Back

Mortgage Refinance Miami For Debt Consolidation.
Mortgage Refinance Miami For Lower Payments.
Mortgage Refinance Miami For a Shorter Term.
Mortgage Refinance Miami For Cash Back.
Mortgage Refinance Miami For a Fix Rate.

Mortgage Refinance Miami >>>>>

www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

Apply Now

Call us 888-958-5382


www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


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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)

Call Now, Our Staff is Available
888-958-4228


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