Refinancing an FHA loan can be done at any time. The FHA doesn’t have regulations regarding how long you must have the loan first. However, a lender may have some specific requirements. The most common requirement is to have the loan for at least 6 months. They call this seasoning. It gives the lender a chance to see that you can make the payments on time. It also depends on the type of loan you refinance into as you have choices. Here we discuss your options and what you need to know. FHA … [Read more...]
Is an FHA Cash-Out Refinance Possible?
We all know that it is possible to refinance through FHA. What we’d like to know is if a cash-out refinance is allowed. Is it possible to turn a part of your equity into cash through FHA refinance? There are two types of FHA Refinance: through (1) FHA Streamline Refinance, and through (2) FHA Cash-out Refinance. So, the answer is a definite yes. FHA Streamline Refinance is HUD’s way to make refinancing quicker by waiving off certain documentation requirements. This program helps decrease the … [Read more...]
FHA Refinancing: Has Your Property Recently Been Listed On The MLS
One of the common questions we get from time to time is: If my property has recently been listed for sale, can I still do an FHA streamline refinance? Here are some of the guidelines that you might expect to hear from your lender: Rate/term refinance must be off the market 30 days or more before the date of the loan application. Cash-out transactions for recently listed properties require 180 days off market before the loan application can be executed. Click Here For the Latest Rate … [Read more...]