FHA Home Loan

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HOPE for Homeowners (H4H) Program is here!

Are you upside down on your home?
Would you like to refinance but can’t?
Help Is Here!

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Testimonial

“I needed a home for my family, but none of our local banks were willing to provide us with a mortgage. With only enough money for a small down payment, FHA Home Loan provided me with the FHA Mortgage that I was looking for and allowed us to have the home of our dreams.”

The Qualifications For An FHA Mortgage

Are you currently considering refinancing your home? perhaps you have heard how interest rates are at 5 year lows or that FHA mortgage refinance loans and their updated programs have become greatly admired. Timely for you, both of those things are correct making for an admirable refinance opportunity. And it is no more demanding to apply for an FHA mortgage than it is for a Conventional mortgage.

Before you resolve to refinance, you should know the chief requirements for an FHA Mortgage. To be eligible for FHA mortgage refinance loans, your monthly housing outlay (mortgage principal and interest, property taxes and insurance) must meet a specific percentage of your gross monthly revenue. This is called the “Top Ratio” and it should be below 31%. You must also have enough proceeds to pay your housing outlay plus all additional monthly debt. This is called the “Bottom Ratio” and it needs to be below 43%. These percentages may be exceeded with compensating factors for an FHA mortgage.

Your credit background will also be fairly considered. FHA mortgage refinance credit requirements are not entirely credit score driven, although it is effective to have at least a 580 FICO score to acquire a quicker approval of an FHA mortgage. FHA mortgage guidelines are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances past their control, and as long as the borrower has improved from those circumstances in a reasonable manner, they’re normally going to be credit-eligible for an FHA mortgage refinance.

If you have had a preceding bankruptcy, it may still be possible to get an FHA mortgage refinance. If you have been discharged from a chapter 7 bankruptcy for two years or more, you are eligible to apply for an FHA mortgage refinance. If you are in a chapter 13 bankruptcy and have made all court accepted payments on time and as arranged for at least one year, you are also eligible to make an FHA mortgage application.

FHA mortgage refinance grant multiple options to meet the needs of your current home equity scenario. If your home has positive equity, you may be able to refinance up to 98.75% or 97.75% of the appraised value of the home or the total you are refinancing plus closing costs, whichever is lower for an FHA mortgage. If you wish to take cash out of the property, then the maximum financing amount is either 95% or 85% of the current appraised value, depending on the borrowers qualifications. If you do not have sufficient equity in your home to pay off your present mortgage or cover your refinancing closing costs, then you should ask your lender to consider a “Write Down”. A “Write Down” is when your lender writes off the excess balance owed for the purposes of refinancing a mortgage. The Housing bill that goes into effect on October 1st provide for a Write Down to 90% of the present appraised value for delinquent mortgage FHA mortgage refinances. Offering this option is at the discretion of the lender.
For more information about an FHA mortgage please visit FHAHomeLoans.com.