refinancing my fha loan

While an FHA loan might only require a 580 FICO score, a conventional loan requires a minimum score of 620. And if your credit score is 680 or below, it’s likely less worthwhile to refinance from an FHA loan to a conventional loan. conventional pmi is also impacted by your scores, while credit scores have no effect on FHA mortgage insurance.

The FHA Simple Refinance allows homeowners to go from their current FHA Loan into a new one, whether it’s a fixed-rate loan or an ARM. This refinance is the most straightforward, and there is no option for cash-out. Lenders will require a credit qualification, income, and assets to ensure the borrower meets the loan requirements.

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2017-01-20  · A mortgage refinance replaces your home loan with a new one. People refinance to save money, tap the home’s equity or trade an ARM for a fixed-rate loan.

The FHA Streamline Refinance program offers a refinance option for borrowers who want to save a little money on their mortgages. If you’ve kept up with your monthly payments for at least a year, you can apply for one without having your income, employment or credit verified.

The FHA Simple Refinance lets you refinance your existing fha loan into a new ARM or fixed-rate loan. This option does require income verification, a credit check and a home appraisal. It’s a good option if you have some equity built up in your home, want to refi affordably and you want to pay a lower interest rate.

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A drop in FHA mortgage insurance premiums – plus a reduction in FHA mortgage rates – has scores of FHA-backed homeowners "in the money" for an fha streamline refinance. If your current.

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One of the fastest ways to refinance an existing FHA loan is to do an FHA streamline refinance. This option has reduced credit and underwriting requirements, and no appraisal is needed.

Mortgage Refinancing; VA Loans; FHA Loans;. Mortgage Refinance Lenders. Does this lender provide the most competitive interest rate for my financial situation?

For instance, if your lender says that it will. can also be refinanced through programs such as the FHA Streamline.