Can I do an FHA refinance with no money in savings?

Posted on Oct 30, 2012 in FHA Information

fha refinance
by danielmoyle

Question by 5ofus: Can I do an FHA refinance with no money in savings?
My husband and I are trying to refinance our mortgage. It would be a 30 year FHA loan. Does anyone know if you can do an FHA refinance with no money in savings? We are currently living almost check to check right now. My husband had a salary decrease last year along with weeks off unpaid (due to slow business) and we went straight through our savings covering the lost wages. We are hoping to build it back up this year now that his regular salary will back soon.

Best answer:

Answer by golferwhoworks
reserves are not required to refinance with FHA. In fact if you have an FHA insured note now there is a streamline process that is much easier

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One Comment

  1. why would you want to?they have programs available now to help people whose income has been reduced or lost.It is cheaper for them to work with you through your problems than it is for them to take back your house.Clark Howard has some really good advice about this on his web site,as a matter of fact he walked a couple through it today on his show.Hang in there,Good Luck and God Bless!