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Refinancing a home using a FHA (Federal Housing Administration) loan

If you have equity in your home, a FHA refinance loan can help you use that equity to pay off debt or make a large purchase.  FHA Refinance loans may also help you build predictability into your monthly payments, and lower your interest rates.

FHA loans have helped people buy homes since 1934 by insuring the loan, so lenders can offer better terms. FHA Refinance loans are available with fixed or adjustable rates.

FHA refinancing is only available for homeowners whose home is their principal residence. These loans are especially good for people with existing FHA or conventional loans that have adjustable interest rates.

FHA offers several refinance options, including

  • Cash-Out Refinance.
  • Streamline Refinance.
  • No Cash-Out Refinance.

The Cash-Out option lets you refinance your existing mortgage by taking out another mortgage for more than you currently owe. These loans are most beneficial if you have been in your home awhile and built up equity. To receive this loan you must have purchased your home more than a year ago. You can refinance your existing mortgage for up to 85% of the appraised value plus closing costs.

FHA Streamline Refinance reduces the interest rate on your current loan quickly, sometimes without an appraisal. Because this type loan cuts down on paperwork that must be completed by your lender, it saves you time and money.

No Cash-Out refinance loans is a refinance where the mortgage proceeds are limited paying down existing debt and costs of the transaction. There are three types: FHA Rate and Term, FHA Simple Refinance, and FHA Streamline Refinancing.

Let our mortgage experts help you refinance now!