can i refinance an fha loan

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What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages. compare that to FHA no cash-out and FHA streamline refinance loans that have slightly higher foreclosure.

You can use an FHA loan to buy a property with up to four units. Another way to get rid of your FHA mortgage insurance is to refinance. If you refinance your property with a different lender, you.

Applying for the fha streamline loan. refinancing your investment property with a current FHA loan on it is simple with the FHA Streamline Refinance. As long as you can prove there is a net tangible benefit, meaning a lower payment or less risky term (ARM to fixed), you should be eligible for the program.

Today’s world of mortgages is made up by two sorts of loans government backed loans and government insured loans. Government insured loans are hugely popular. The FHA Loan is the benchmark government loan appealing to many due to its flexible guidelines and lower down payment options. Here is one pitfall you need to know if you are married..

Refinancing. If you have a 15-year mortgage, FHA will cancel your mortgage insurance automatically as soon as your loan-to-value ratio reaches 78 percent. If you have a 30-year mortgage, FHA will automatically cancel your mortgage insurance as soon as your loan-to-value ratio reaches 78 percent and you have paid the premiums for a minimum of five years.

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 · Of course, if none of these options works for you, there’s always the option to refinance. You should only do this if you will stay in the home long enough to enjoy the savings, though. Refinancing can cost as much as 3% to 5% of the mortgage amount in closing costs.

 · You can lower your interest rate and monthly payments with an FHA streamline refinance. FHA Mortgage Loans – FHA Refinance Rates – You can use an FHA mortgage to buy a home, refinance an existing mortgage or get funds for repairs or improvements as part of your home purchase loan. If you already have an FHA home loan, there’s a streamline refinance option that speeds qualifying and.

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