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REFINANCE







Refinancing your mortgage could lower your interest and monthly payment, pay off your mortgage faster, eliminate mortgage insurance (conventional loans). Access cash from the equity in your home to make improvements, pay off debts, etc.

Refinance Programs

FHA Cash-Out Refinance.
You love your home, but you're sick of the popcorn ceilings and want to replace them. Or perhaps your child just got into their dream school and you want to help with the tuition. Whatever the case may be, your home can be a useful resource when you need a large amount of money.
If your home's value is higher than your mortgage balance, you can use it to take out an FHA cash-out refinance loan.

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FHA

  • Minimum Fico 550
  • W-2s and Paystubs Only OK
  • Primary Borrower with 1 FICO OK
  • Non FICO Co-Borrowers OK
  • Manufactured Homes
  • Self Employed Borrowers OK
  • DACA/Dreamers
  • Fixed 30 and 25 years

FHA cash-out refinance loans are insured by the Federal Housing Administration but issued by private banks, credit unions, and online lenders. You can refinance your mortgage for more than you owe and get the difference in cash.
The maximum loan-to-value ratio for FHA cash-out refinance loans is 80%. You must have a credit score of at least 500 to qualify for a loan, but higher credit scores will get better terms.



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FHA STREAMLINE

What Is an FHA Streamline Refinance?
An FHA streamline refinance is an option for homeowners that is administered by the Federal Housing Administration (FHA). It is intended to give consumers an easier way to obtain mortgage refinancing from a participating lender. In order to qualify, a homeowner must currently have an FHA-insured mortgage and cannot be delinquent on the payments.

An FHA streamline refinance is available to homeowners who already have FHA-insured mortgages. To qualify for an FHA streamline, refinance the borrower must show there will be a net tangible benefit to doing so. The program offers a lower-hassle way to refinance the mortgage, including not requiring an appraisal. The borrower cannot be delinquent on their current mortgage and no more than $500 can be taken out of the refinance mortgage.


A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs).

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Conventional

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VA


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