FHA cash out refinancing for debt consolidation is not difficult to qualify for if you can stay below 95% loan to value and your mortgage history on your credit report indicates that you have the ability and willingness to make your mortgage payments in a timely manner.
"We shopped for lenders on several websites but FHAHLR was able to assist me in my quest for refinancing. I was able to get qualified for a FHA mortgage refinance program that required no equity while accepting my low credit score. Thanks for everything!
Daryll G. S. Carlsbad, California.
Originally FHA loans were designed to help increase homeownership. FHA mortgage refinance options ensure fair lending and flexible guidelines for refinancing and consolidating credit card debt. Since being founded in 1934, FHA has evolved with premier FHA mortgage refinancing for cash reserves, home repairs and bill consolidation. Whether you are seeking cash out for bill consolidation or simply a more affordable payment, we offer a true solution utilizing all types of FHA mortgage refinance solutions.
FHA Refinance for Debt Consolidation that Lowers Monthly Payments!
FHA continues to expand with many FHA refinance loan options that include debt consolidation, cash back and rate and term fixed rate refinancing. FHA is one of the last loan programs that enable borrowers to consolidate mortgages, loans and credit cards. Most home equity loan lenders have put their 2nd mortgage programs on hold, so FHA refinancing has taken a more significant role in cash refinancing and consolidating than ever before.
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FHA Insures Refinancing with Low Equity
Refi with Poor Credit Scores Get a 2nd Chance
Low Fixed Rates with No Pre-Penalty
This is another great year for the FHA mortgage refinance loan programs as they continue to provide competitive advantages for homeowners looking to refinance high rate bills and adjustable rate mortgage together into a new fixed rate mortgage that save them a fortune every month. FHA mortgages allow debt consolidation up to 95% loan to value if you have not been late on your mortgage payments in the last twelve months. However if you have been reported late by your mortgage company in the last year, than you can consolidate credit cards, loans and collections up to 85% loan to value. Many lending enthusiasts fear that FHA refinance loan guidelines will tighten sooner than later, so get approved now while interest rates are so attractive. The Federal Reserve recently renewed their commitment to affordable housing by continuing to make credit more available with low interest rates in 2015 and 2016. Many economists anticipate a high volume of loans under the FHA refinance mortgage programs. Many lending professionals have quietly confessed their hope that Congress will not require the Department of Housing and Urban Development to tighten their credit standards on mortgage refinance loans insured by the FHA.
FHA Mortgage Refinancing helps borrowers reduce their monthly payments with lower interest rates. As a FHA approved lender with HUD, we can help you find the lowest rates possible online.
FHA Promotes Green Energy Solutions in the Home: The Department of Housing and Urban Development recently announced additional incentive for homeowners to go "green" with FHA refinance mortgages. The Energy Efficient Mortgage program helps consumers cut housing costs by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA refinancing mortgage transaction.
Homeowners with adjustable rate loans can refinance and save with a 30 year fixed mortgage that can be streamlined if rates drop!
Strong Benefits of a FHA Refinance Mortgage
Refinancing with an FHA mortgage can prove to be a beneficial financial decision for some homeowners, but for others a different refinancing option may prove to be a better fit. The pros and cons of refinancing with an FHA are something that every homeowner should investigate and consider before deciding to opt to refinance their home using an FHA mortgage or a non-FHA home loan.
Some of the positive aspects when refinancing with an FHA home loan are:
Lower credit scores accepted
Past bankruptcy history accepted
Past foreclosure accepted
Lower level of equity required
97.5% loan to value
Choosing to refinance with an FHA loan can be a very positive experience for some home owners looking to take advantage of their equity by refinancing their home loan. For home owners with a lower credit score, a past bankruptcy, or a past foreclosure, an FHA home loan will provide them with the opportunity to obtain a reasonable refinanced rate. While other lenders may not approve an applicant who has a lower credit score or a blemish on their credit report, FHA approved lenders will often give these people a chance in refinancing their home. Also, not as much equity is needed to qualify for a FHA mortgage refinance, allowing home owners with lower levels of equity an option that allows them to still refinance their home.
Exceptions are granted with FHA refinance loans on a case by case basis if you have circumstances that caused credit problems that were beyond your control. The interest rates for refinancing debt and consolidating bills have been phenomenal and many homeowners are reporting monthly savings substantial savings.
FHA Home Loan Limits All Loans subject to FHA loan limits by state and county (see www.hud.gov). Check these listings for new limits queried specifically by state. FHA limits were kept in place for 2011, but many believe that HUD will lower the loan limits for a FHA refinance sooner than later. Since limits can vary from state to state, please check your specific state restrictions when considering FHA for a mortgage refinance program.
Conventional debt consolidation loans usually have higher interest rates than FHA mortgages, so homeowners may be pleasantly surprised with their new mortgage payments after consolidating bills and variable rate loans into a fixed rate sponsored by FHA.