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Posted on Sep 16, 2012 in Unique Loan Programs

refinancing fha mortgage
by marsmet526

Question by Scott: Refinancing 6 months old FHA mortgage?
I bought a house 6 months ago and got 6% interest rate on 30 yr FHA. Watching the rates go down made me wonder if I can refinance. Since FHA is a government-backed mortgage loan I was wondering what the options were. I read something about FHA streamline refinance but didn’t really understand if that’s what I could do. How much are fees?
My lender is US Bank

thanks

Best answer:

Answer by Beverly S
An FHA streamline refinance is an excellent program. Since you are already on an FHA loan – FHA allows you to do a streamline refi which basically reduces your rate- Fees are minimal and can be included in the loan- there is no appraisal needed, site hospital no income docs needed and no credit check. The only requirement is that you have paid your mortgage/or rent (in your case 6 payment on mtg. & 6 months rent or mortgage where you lived before) on time with no 30 day lates.

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Question by TexasBound: I have a mortgage on one home, price can I get a second mortgage to pay for another house?
I’m planning to relocate, price but current owe a mortgage for $ 50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?

Best answer:

Answer by lendingwhiz2008
That depends on a few things.

How much equity do you have in your current home?

What is your credit score?
What is your debt load?

Yes you can get a 2nd mortgage on your current home to buy another, link people do it all the time.

Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.

You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.

In a nutshell, yes you can, if all your other ducks are in a row.

Good luck

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Mortgage Rates: Low Mortgage Rates Stay as Feds Announce New Strategy to
Present FHA 30 year fixed mortgage rates are at three.125%, order FHA 15 year fixed mortgage interest rates are at two.625% and FHA 5/1 ARM loan rates are at 2.625%. Low down payment requirements and less difficult credit qualifying make FHA mortgages very common …
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Current Mortgage Interest Rates Fall: Citigroup Inc. (NYSE:C) Shares Advance
The gap between the 10-year bond yield and the 30-year loan rate decreased five basis points to 1.863 percent. The common rate on FHA-backed 30-year fixed-rate mortgages lost seventeen basis points to four.051 and the average VA lending rate moved five …
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FHA Mortgage Insurance Premiums May Rise To 2.05%
Amongst other powers, the bill grants the FHA authority to raises its mortgage insurance premiums to as high as 2.05% annually — nearly twice the 1.20% rate most FHA-insured homeowners pay today. Mortgage rates might be dropping, but they&#39re not dropping …
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