Consumption and Real Estate
I have a home equity loan I want to ditch. Can I use an FHA loan to refinance both my mortgages?
Question : I have a home equity loan I want to ditch. Can I use an FHA loan to refinance both my mortgages?
Depending on what the appraisal comes back at, I might be really close to owing as much as it’s worth. Can an FHA mortgage be used for this?
I’m looking for more information on how FHA loans work. Can I use FHA to refinance? If so, are there any limits on how much I can borrow against my house? Is FHA a pain in the rear to process?
Forget I said anything about equity for now. I just want to know if this is doable.
fha mortgage refinance
Best answer:
Answer by goz1111
you need to find out, if you even have equity in the house,
-
-
#2 written by Quicken Loans 1 year ago
Great question! You’re on the right track, too!
Since you are combining your mortgages, it will likely be considered a cash-out refinance. FHA has one of the highest loan-to-value limits for a cash-out refinance. FHA allows for up to 95% cash-out. Knowing this, a FHA loan is going to be one of the best options for your situation.
Also, with the new higher FHA loan limits, FHA is becoming increasingly popular for homeowners looking to refinance. In the past, FHA was typically seen as a first-time home buyer’s loan (which it still is great for), but a lot of seasoned borrowers are taking a second look at the rate security and flexible guidelines of FHA loans.
I’m including a couple links if you’d like more information on FHA loans.
- Comment Feed for this Post
Good day,
I am Mrs Judy Alan of usa i am Writing you if you need a loan for your personal needs so in this regard i was once in your shoe when i luckyly contacted a loan agent who promissed to offer me loan so didn’t decline the offer so i decide to give it a try so i applied for a loan on reaching to the final step of this loan process i found it interesting to proceed and i did exactly as i was told to do regarding the loan process i now found it to be God sent to me i applied for a loan of the sum of 50,000 Gbp and as i applied it was transferred to my bank account after i must have done all the necesarry requirement by the loan company so i have voluntier to help them advitize this notable and great offer to others out there who are in need of loan but could not get a good one as this to kindly contact mr Roland Jonathan Via this email rlolandjonthan_loanfirm@yahoo.com if you need a loan of 3% interest rate.
So my dear friends i advice that you apply for this loan offer so you do not fall into the hand of so many scammers out there promissing you loan and yet you will not get it from them
I hope to hear from you.
Best Regards
Mrs. Judy Alan