FHA Mortgage Refinance using FHA Loan Program

FHA Mortgage Refinance using FHA Loan Program
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FHA refinancing offers benefits for current real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage (s). A FHA home loan refinance may also benefit you even if you do not currently have a FHA loan.

Some advantages of using a FHA mortgage for your mortgage refinance are as follows:

Cash-Out Refinance up to 85% for existing or new FHA mortgages.

• Cash-Out up to 85% of your properties value.
• Consolidate first and second mortgages into single loan.
• Bill consolidation programs.
• Easier credit and income qualifications.
• FHA  regulated closing costs.

Rate and Term Mortgage Refinancing up to 96.5% of your homes value.

• Consolidate first and second mortgages* into a single loan.
• No FICO score ok or min. 620 credit score.
• Competitive rates for borrowers with a Bankruptcy older than two years.
• Competitive rates for borrowers with a Foreclosure older than three years.
• Easier credit and income qualifications.
• FHA regulated closing costs.

FHA Streamline Refinance for existing FHA loans only.

• No Cost Interest Rate Reductions programs.
• No Income or Credit Qualifications*.
• Zero cost refinance options available.
• Easily switch amortization for adjustable to fixed or vice versa.
• Easily shorten or lengthen term of your existing loan.
• Easier credit and income qualifications.

FHASecure Refinance with current mortgage lates.

• Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage.
• Qualify for refinance even if currently in foreclosure
  

Seniors Refinance Your Mortgages with a FHA reverse mortgage and Eliminate Your Mortgage Payments

• If you are over 62 years old, you maybe able to refinance your existing mortgages and rid yourself of monthly mortgage payments.

Give RE/MAX Star Realty a call and we will put you in touch with a Direct Lender (Citibank, Wellsfargo, Bank of America, Chase ... etc.)  Make sure that you do not work with a Mortgage Broker!  Call us today and receive a customized property search & a referral to a lender to help pre-qualify you.  310.928.3001  www.REMAXStarRealty.com

Down Payment Assistance Program

Down Payment Assistance Programs (DAPS) are loan programs designed to assist first-time home buyers with the required down payment and closing costs required by the FHA loan program.
These types of down payment assistance programs are typically broken into two types of loan programs. These are the 501 (c) (3) Non-Profit organizations or county, city, state backed down payment assistance programs.

The 501 (c) (3) non-profit down payment assistance programs will typically require the assistance of the home seller in order for the buyer to take advantage of the program. Following is a list of just some of the available down payment assistance programs offered by non-profit organizations.

Nehemiah - Grants up to 3% towards down payment.
HART - Grants up to $15,000 towards down payment and closing costs.
Neighborhood Gold - Grants up to 20%,  includes Mortgage Payment Protection
The above programs typically do not have a repayment schedule nor is there a second mortgage required. If you would like to learn more about the above type of programs, please click here.

The State, County, and City backed Down Payment Assistance programs are typically secured by a second mortgage. Some of these second mortgages may be "silent" meaning there is no payments required initially and some of the programs forgive the loan after 10-20 years of living in the home.   Following is a list of some of these programs available:

CHDAP - 3% second mortgage for your down payment.
CHFA Loans (CHAFA) - California backed program allowing buyers 100% financing.
Access 2000   - No money down program for California.

REMAX Star Realty | Southern California Home Search 

FHA Lending Guidlines

FHA Loans - Buying a Home using a FHA Loan
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The FHA loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

Minimal Down Payment and Closing Costs.  -  Downpayment less than 3.5% of Sales Price
100% Financing options available - Gift for downpayment and closing costs allowed.
No reserves or required. 
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Minimum FICO credit score of 620.
FHA will allow a home purchase two years after a Bankruptcy.
FHA will allow a home purchase  three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio's than other home loan programs.
Less than two years on the job is allowed.
Self-Employed individuals o.k.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

You can contact RE/MAX Star Realty 310.928.3001 & one of our First Time Home Buyer Specialists can assist you.  We can provide you with a list of lenders & provide you with a customized list of available properties.