FHA Refinancing
FHA Refinancing: Refinancing a FHA loan may be a great mortgage option for you, the homeowner, who wants to tap into your home equity and use the funds for other personal needs, such as home improvement, a car purchase or to pay down your credit card(s).
A lot of homeowners enjoy the benefits of investing in their property year after year. For some homeowners, there comes a time when exactly this investment can come in quite handy. Refinancing with a FHA loan can prove to be an effective way to put that equity to work. Of course assuming that, despite the recent property value declines across the nation, you have enough equity left in your home.
As mentioned above, making home improvements, paying (hopefully not overdue) bills, sending your child to college, or taking this much needed vacation, are just a few of the ways homeowners usually tap into the equity they have accumulated in their home. One thing to keep in mind is, that FHA mortgage refinancing is only available to those homeowners who are currently using their home as their principal residence, which in most cases means you must have occupied your residence two out of the last five years. But that can vary by state, so check with your lender first.
Two of the most common (and used) options for FHA mortgage refinancing are CASH OUT and FHA STREAMLINED REFINANCING.
Also, make sure that you know about the FHA loan limits in your state. Those limits vary based on a variety of housing types and the state and county in which the property is located.
Check out the current FHA Loan Rates.
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