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<p>Created page with &#39;Before you decide to refinance, you should know the basic requirements for [http://www.ceofusion.org/node/39212 fha mortgage]. To be eligible for FHA Refinance Loans, your mont…&#39;</p> <p><b>New page</b></p><div>Before you decide to refinance, you should know the basic requirements for [http://www.ceofusion.org/node/39212 fha mortgage]. To be <br /> eligible for FHA Refinance Loans, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet <br /> a specified percentage of your gross monthly income. This is called the &quot;Top Ratio&quot; and it should be below 31%. You must also have <br /> enough income to pay your housing costs plus all additional monthly debt. This is called the &quot;Bottom Ratio&quot; and it needs to be below <br /> 43%. These percentages may be exceeded with compensating factors.<br /> <br /> <br /> Your credit background will also be fairly considered. fha refinance loan requirements are not totally credit score driven, although <br /> it is helpful to have at least a 580 FICO score to obtain a faster approval. FHA guidelines are written in a way that provides the <br /> borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as <br /> the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA <br /> refinance loan.<br /> <br /> Types Of FHA Refinance Loans<br /> <br /> 1. Rate &amp; Term refinance loans are for those who have a high interest rate on an existing loan. This loan must be a sub prime mortgage <br /> loan for you to qualify. People who have this loan also have bad credit and this will allow you to decrease your interest rate and <br /> monthly payment.<br /> <br /> 2. For those who need to eliminate some debt and have only one monthly payment, choose debt consolidation fha refinance Loans. The <br /> loan specialists who assist you will arrange payoff of your existing debt and you won't have to deal with the high interest rates any <br /> longer.<br /> <br /> 3. Many just want to cash out of their home equity and use the money however they choose. This option is available as a cash-out <br /> refinance.<br /> <br /> 4. If you want to refinance an existing [<br /> http://www.dng.com/member/182264 fha loan] to reduce your rate <br /> and payments, choose the FHA Streamline Loan option. No credit check is required and the only condition is that you have made your <br /> monthly payments on time for the past year.<br /> <br /> As you can see, there is a loan available for everyone and every situation.<br /> There are many advantages to choosing an fha loan. FHA Refinance Loans are very easy to qualify for as a local bank does not have to <br /> insure the loan. The FHA takes care of this.<br /> <br /> <br /> Top Three Things to Know About fha refinance Loans<br /> Refinance loans allow homeowners to enjoy the benefits of investing in their property year after year. Also, refinance loans can <br /> actually help in the FHA loan process and get you a better deal! However, like all major investments careful steps must be taken <br /> before the process begins, so here are the top 3 things you need to know about FHA refinance loans.<br /> <br /> Cash Out Refinance<br /> The Cash Out FHA refinance option is particularly useful to homebuyers whose property has increased in market value since the home was <br /> purchased.<br /> <br /> Streamlined refinance<br /> Another refinance option is streamlined refinance. This refinancing option is known as streamlined because it allows you to reduce the <br /> interest rate on your current home loan quickly and easily, many times without an appraisal. FHA Streamlined refinance also means <br /> there is less paperwork to do for your lender, and that means less of your time and money is used.<br /> <br /> [http://www.deinekollegen.de/blog.php?user=fharefinance50j&amp;blogentry_id=5156838 FHA Refinance] - Non FHA Loans<br /> Finally, FHA Refinance loans can be used to refinance any non FHA loan to an fha loan. If you have a conventional mortgage, you may be <br /> able to use the FHA refinance loan to refinance up to a LTV (Loan to Value) of 97.75% provided that they are not getting any money at <br /> closing or paying off anything other than existing mortgage(s)</div>

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