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Thursday, June 26, 2008

All About Fha Refinancing

Are you considering refinancing your home loan using an FHA mortgage? It’s been widely known that mortgage rates are close to all-time lows. FHA guidelines have changed and present a great chance for you to lock yourself into a low fixed rate mortgage. A normal conventional loan is a bit tougher to get nowadays versus an FHA loan. It is mainly due to the ladder allowing some derogatory credit, higher debt to income ratios, and financing above eighty percent.

FHA Refinance Qualifying

It is important to understand what is needed to qualify for an FHA mortgage loan. Your monthly home loan payment, which includes principal, interest, taxes and insurance, needs to be less than 31% of your total income per month. Your total debt ratios should be no more than 43% of your total income. This is a guideline and can sometimes be lifted depending on other factors. For example, we have heard of total debt to income ratios loans below fifty-percent still being approved. In fact, some FHA lenders will approve your loan request while other lenders who have the exact same request will turn it down. So, the point being, do not give up and be discouraged if one lender turns you down.

FHA Mortgage Credit Requirements

A borrower’s credit rating and history does play a role for an FHA refinance loan as far as credit requirements. Typically, a credit score above 580 is acceptable. Borrowers with past credit issues but who have demonstrated timely payments, have sufficient income, after that episode will not always be denied from loan approval. In fact, FHA will still approve your loan if you have a recent mortgage late payment but it depends on other factors.

Borrowers who have had a recent bankruptcy are still eligible for a FHA refinance. A bankruptcy discharged for a minimum of twenty-four months still lets you qualify provided all other factors are sufficient. It gets even better if you’ve had a chapter 13 bankruptcy discharged for at least one year.

Depending on the equity in your property, a borrower is allowed to refinance up to 98% of their home’s value determined by a state licensed certified appraiser who may also need to be approved by the lender. If it is a cash-out refinance the maximum allowed is 95% of your home’s value. As of late, there are some lenders who want bad loans off their books so they will permit them to a FHA short refinance loan. Get more information on refinancing into a FHA loan from this website.

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