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.
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.
There are several benefits to an FHA Streamline Refinance. Generally, no appraisal is necessary. A credit score of 620 is needed however there is no employment, income or asset information listed on the mortgage application..
There are only a few requirements to obtaining an FHA Streamline loan, they are:
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