Everyone is talking about FHA refinance. Despite the myths, there are powerful benefits to refinancing with mortgage loans insured by the Federal Housing Administration. In my opinion, the greatest benefit is that FHA guidelines are more forgiving to less-than-perfect credit. So don't let credit problems stop you from pursuing this type of refinance.
Very little equity in your home is required, important if your home appraises lower than you expected. If a low appraisal is preventing you from refinancing, consider an FHA refinance.
And how about this? Cash-out refinances are offered by FHA. That means you could lower your mortgage payment and come away with cash for home improvement or other purpose. Now that's generous!
I probably should note here that guidelines change from time-to-time, especially for cash-out. So check with your lender for current program availability.
Get the inside scoop on FHA closing costs. Separate the myths from the facts.
Myths Regarding FHA Closing Costs
Facts Regarding FHA Closing Costs
Sure, I know if this is the first time you've heard of FHA it can seem a bit daunting. But you can do this!
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