FHA Mortgage Refinancing Tips
by Chanelle from VA, Roy from MI, Adam from CO, David from MI...
Ask Kate for FHA Mortgage Refinancing Tips: Is FHA streamline refinance smart? What is the difference between the FHA insured mortgage and conventional home loan? Am I eligible for FHA refund? Can I FHA streamline refinance with a second lien? Who does a non-owner occupied FHA streamline loan?
FHA Insured Mortgage vs Conventional Home Loan...
Kate, What is the difference between FHA insured mortgages and conventional home loans? Chanelle in Herndon, Virginia
Ask Kate answers: FHA Insured Mortgage vs Conventional Home Loan.
Hi Chanelle, the main benefits to FHA insured mortgages are less stringent credit standards, more relaxed income requirements, and lower down payments.
However, there are fewer bureaucratic hassles with conventional mortgages, especially when it comes to property requirements. There is also a wider range of conventional home loan products from which to choose.
Go here for my FHA insured mortgage series
and my review of conventional home loan products
Will FHA Streamline Refinance be Worthwhile?
Kate, My FHA mortgage interest rate is 5.5%. I can streamline refinance at 4.1%. This would save me 200 bucks a month but I would have to start the loan term over. Is this smart? Anonymous
Ask Kate answers: Will FHA Streamline Refinance be Worthwhile?
To refinance or not to refinance, that is the question! So go to my house payment calculator
to calculate your proposed mortgage payments.
Then print the amortization schedule. Repeat to get your current loan's amortization schedule. How much will refinancing reduce your mortgage balance in another 3 years? Compare it to your current loan's schedule.
Now also compare the difference between the two to the mortgage refinancing costs. That's one way of deciding if your mortgage refi is worth the cost
Am I Eligible for FHA Refund?
Kate, Do I have a refund coming back to me from FHA? How can I find out? I had a FHA mortgage in 1973 and sold my home around 1985. Roy in Lansing, Michigan
Ask Kate answers: Am I Eligible for FHA Refund?
Hi Roy, If you got your FHA mortgage before September 01, 1983, paid on it for 7 years, and the FHA mortgage insurance was terminated before November 05, 1990, you may be eligible for a distributive share from FHA's Mutual Mortgage Insurance Fund.
Exceptions abound so contact HUD to see if you qualify for a refund at 800-697-6967 or write to US Dept of HUD, P.O. Box 44372, Washington, DC 20026-4372. Include your name, FHA case number, the date of mortgage pay-off, property address, and phone number.
Go here for information about getting FHA refunds for mortgages originated after September 01, 1983
FHA Streamline Loan with Second Lien...
Kate, Can I FHA streamline refinance with a down payment assistance loan attached as a second lien? Adam in Colorado
Ask Kate answers: FHA Streamline Loan with Second Lien.
Hi Adam, Generally speaking, homeowners with secondary liens can still streamline refinance their FHA mortgage.
But refer to your original mortgage documents because the lender of the payment assistance loan must agree to subordinate the mortgage and sign an approved subordination agreement.
Here are my tips for getting a lender to subordinate a second mortgage
Non-Owner Occupied FHA Streamline Loan...
Kate, Do you know lenders that are doing a FHA streamline refinance for non-owner occupied properties? I know HUD offers it, but the lender that holds the current mortgage doesn't. David in Lowell, Michigan
Ask Kate answers: Non-Owner Occupied FHA Streamline Loan.
Hi David, Streamline refinancing for non-owner occupied properties (rentals) as you found out is not available through all FHA approved lenders.
Go to HUD's FHA Lender List
where you can look up FHA approved lenders in Lowell, Michigan. Then pull out the elbow grease because you will need to start calling to see which ones offer the streamline refi for investment properties.
Go here for more on non-owner occupied FHA streamline loan
and also to FHA streamline refinance
for additional help.
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