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Refinance FHA Loan Process

Fixed Rate Refinance

 FHA fixed rate loans are the most popular programs for refinancing. This is where you have stable predicable payments each month and as a result offers the most security for yourself and your family. If you are currently in an adjustable rate mortgage (ARM) and would like the security of a fixed rate, a fixed rate FHA is the right program for you.

About Refinancing

Refinancing into an FHA loan is a very similar process to refinancing using conventional financing. In fact, both loans require almost identical paperwork. FHA is actually has cheaper mortgage insurance than conventional. The process generally involves the following steps:

  • Speak with your assigned FHA Loan Officer to discuss programs and options
  • Complete a full mortgage application with the assigned lender
  • Upon approval, supply the required documentation
  • Coordinate with appraiser that lender chooses
  • Send in loan package and clear conditions from the Bank
  • Schedule closing

That whole process generally takes no more than 30 days. One nice advantage of refinancing is that you are allowed to skip one month of your mortgage payment after you close. Depending on when in the month your mortgage closes you can possibly not make the current mortgage payment and skip the following month as well. You can use this money to payoff another bill, fix up your home, or even go on vacation.

If you are looking to refinance and want the best rate and terms, and want an easy process with more favorable guidelines, an FHA loan is probably the best choice for you.

Streamline Refinancing

An FHA Streamline Refinance allows you to refinance your current FHA loan into another FHA loan. An FHA Streamline allows you to: There are several benefits to an FHA Streamline Refinance.

  • Refinance into a lower rate and payment
  • Convert you FHA ARM into a fixed rate
  • Convert you 203(k) rehab loan into a 203(b) FHA loan
  • Shorten you loan term

There are only a few requirements to obtaining an FHA Streamline loan, they are:

  • You must have been in your current FHA loan for a period of at least one year
  • Your current FHA loan must be current at the time of closing the new FHA loan
  • The new FHA loan must offer a lower payment or shorten the term without increasing your payment by more than $50
  • If current FHA loan is an ARM, and the new loan a fixed, the interest rate on the new fixed loan may not be more than 2 percent higher than that of the ARM

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