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FHA Loan Blog - Read, Post Questions and Comment about everything from Home Buying to Loan Refinancing.

The mortgage modernization bill brings key components to legislation with improved FHA home loans that may help homeowners get access to more reasonably priced home mortgages that are backed by the U.S. government.


FHA Home Loan Refinancing Helps to Prevent a Foreclosure and the Loss of Your Home.

FHA home loans and mortgage refinancing allows homeowners with bad credit to refinance their mortgages with cash out options and a low fixed rate loan with an affordable monthly payment. The FHA Home Loan Refinancing Company was founded with the goal of providing superior home refinance options for Americans with FHA home loans for cash back, debt consolidation and secure fixed rate refinancing.

FHA Home Loan Refinancing formed a mortgage company to provide better refinance loans for homeowners with good and bad credit scores. Our mission is to help lower the mortgage payments for homeowners so that people can save money and invest it into their family. By providing competitive government home loans, we help homeowners with a bad credit history refinance their adjustable rate mortgages and revolving debts into a lower, more affordable monthly payment.

The well documented mortgage crisis of 2007 has led to improved mortgage loan products that were created to help homeowners like you overcome affordability struggles with adjustable mortgage rates. We are a HUD approved FHA mortgage lender who prides itself in offering secure fixed rate loans for refinancing ARMS into thirty year mortgages with fixed payments that you can afford paying every month. FHA mortgage limits will be set at 125% of the median sales price for the area. Previously, FHA loan limits were restricted to $362,790 in high cost areas. However, the rumor remains that the higher loan limits are temporary and will expire at the end of 2008. FHA mortgage limits increase in California to $729,750.

Compensating Factors for FHA Home Loan Refinancing with Bad Credit Scores and Past Bankruptcies

  • Borrower can document savings & evidenced with checking, savings, 401k or retirement accounts
  • Credit reports indicates borrower has the ability to devote good portion of income to home expenses
  • Borrower can show additional income/compensation not reflected in effective income
  • Minimum increase in borrowers housing expense
  • FHA prospect has documented 3+ months cash reserves after closing

Cash Out Refinancing with FHA

When a homeowner refinances a mortgage with an increased principal amount to get additional funds. In most cases, this happens when the home increases in value and the borrowers want to consolidate ARM's, pay off credit cards or make improvements to their property. Under the new economic stimulus package, the FHA mortgage limits will be raised from 95 percent to 110 percent while new caps for home loans will exceed $500,000.

With FHA, cash out refinancing is available to 95%. FHA streamline refinance loans, rate and term refinancing and home purchase loans are available to 97.5% loan to value.

HUD Encourages Consumers to Understand Loans and Shop for Best Cost
HUD Secretary Alphonso Jackson recently proposed new mortgage reform in an effort to assist consumers in better understanding how mortgage loans work and what specific loan terms mean. This anew initiative was created to ensure that mortgage terms and closing costs that homeowners or homebuyers pay during the process or refinancing or purchasing a home are adequately disclosed and explained. HUD believes that if we improve the education of homeowners that borrowers will make better, more informed decisions.

Unique FHA Loan Programs

203b: FHA's single family program which provides mortgage insurance to lenders to protect against the consumer defaulting. The 203(b) is used to finance the purchase of 1 to 4 unit homes.

203k: This FHA mortgage loan enables homebuyers to finance both the purchase of a new home and the cost of its rehabilitation through the safe mortgage.

Streamline Refinance: a refinancing existing FHA loan only for the amount remaining on the mortgage. The borrower does not get any cash and less paperwork is required.


Choose from several Types of FHA Loans
             
 
   

FHA home loans are easy to qualify for because FHA mortgage loans allow bad credit is allowed and you virtually no equity is required to refinance.

FHA Streamline Refinance Loans
FHA Refinancing & Debt Consolidation
FHA Loans for Condominiums
FHA Energy Efficient Home Loans

 

The interest rates for FHA refinance and home purchase loans remain competitive and comparable to conventional Fannie Mae mortgage rates.

Rate & Term Refinance with FHA Mortgage
Chapter 13 Bankruptcy Refinance Loans
FHA Mortgage after 7 or 11 Bankruptcy Discharge

 

Borrowers are given fixed rate grace with exceptions for qualifying made for borrowers who were not late prior to their mortgage adjusting.

Useful FHA Resources:
FHA info from HUD
Federal Housing Administration
FHA Home Purchase Loans

 
 
 

State Home Mortgage Loan Limits for FHA Lending

All Loans subject to FHA loan limits by state and county. In 2008, consumers received some good news from HUD with the economic stimulus package that mandated a dramatic increase for conforming and FHA loan limits. The higher loan amounts should help thousands of homeowners refinance into better mortgages.

The state pages below are listing of the FHA single family mortgage limits. The loan limits were referenced from the FHA's department's automated underwriting system online. Since mortgage limits can change frequently, please contact your loan officer to verify applicable loan increases. (see www.hud.gov ).

 
 
 
Alabama FHA Loans
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Equal Housing Lender. © 2008 FHA Home Loan Refinancing, FSB, Government FHA Mortgage Division. Trade/service marks are the property of FHA Home Refinance Corporation, or their respective loan subsidiaries. Some mortgage products may not be available in all states. This is not a commitment to lend. Certain restrictions may apply.

1-800-606-5143 | FHA Home Loan Refinancing Corporation, 3 Mason, Ste B, Irvine California 92618