FHA Home Loans Refinancing

Best FHA Loan Rates for Home Refinance & 1st Time Home Loans

12.10.10

Check FHA home loans with FHA mortgage rate info for FHA refinance, purchase and cash out with FHA guidelines for government loans, FHA lenders, new home buyers and homeowners seeking low rate refinancing. Find out why USA Today said the “FHA Home Loan Company offers the best blog for consumers seeking financing advice and the best FHA rates online.”

FHA loan programs provide a mortgage refinancing opportunity for homeowners to secure an affordable fixed rate loan, even if you had past problems with your credit. FHA refinancing has introduced alternative refinance loans for borrowers with credit and equity issues in an effort to reduce home foreclosures.

FHA refinancing has introduced alternative refinance loans for borrowers with credit and equity issues in an effort to reduce home foreclosures.

Flexible FHA Guidelines for American Homeowners

FHA has extended 3 mortgage relief/refinancing options n the past few years with expanded FHA refinance guidelines that have enabled borrowers with late payments and no equity to refinance their adjustable rate mortgages if the borrower met the FHA criteria for loan relief. FHA Secure, Hope for Homeowners and the FHA loan modification programs all provides a unique opportunity for homeowners with less than perfect credit to still qualify for a fixed mortgage loan with a fixed payment that was more affordable.

FHA continues to have no credit score requirements; however, many FHA mortgage lenders and banks are requiring a minimum credit score to protect them on the secondary market in the event the US government did not insure the entire mortgage for loan default or foreclosure purposes. Below is a list of required documentation for FHA loans for mortgage refinancing. Please gather the FHA requirements and have the list of loan documentation available before submitting your refinance loan to the FHA underwriter or loan processor.

For FHA home refinance loans, conforming mortgages, cash out refinancing, etc.

  • o 1 Month worth of t recent paystubs (indicating YTD Year to Date income)
  • o 2 Recent Years of W-2′s (for borrowers with a salary)
  • o If Self Employed Borrowers; 2 recent tax returns with all schedules (including all pages with commission, dividend, rental income)
  • o Social security, pension and/or retirement award letters (if applicable)
  • o 2 most recent bank statement for all accounts with all pages (copies of 2 recent months)
  • o Existing statements for all investment and saving accounts with all pages
  • o Written Letter of Explanation detailing derogatory comments and late payments on credit report
  • o Copy of Bankruptcy Discharge (if applicable)
  • o Drivers License with photo ID (copy)
  • o Social Security Cards
  • o Existing Mortgage Statements (copy of statement or coupon)
  • o Termite Report (cleared by the inspector)
  • o Declaration Page Homeowners Insurance (copy)
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