FHA Mortgage Appraisals
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.
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.
FHA Mortgage Loans with Cash Out Refinancing
Washington is making the housing crisis even worse
Bad policy and a bad economy make it a terrible time to buy. Instead of pushing cheap credit, Uncle Sam must let the market lower prices.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering FHA Mortgage Appraisals. As soon as I knew how much, I could start searching for a house.
FHA Mortgage Appraisals
I am trying to refi my adjustable rate mortgage. Am I eligible for an FHA mortgage?
Unfortunately I am at about a 78% Loan to Value because of my low appraisal and I do not want to pay for mortgage insurance. Can I do an FHA instead? I am current on my payments, make $40k per year and live in Colorado.
Yes, FHA will loan up to 97% LTV so you are eligible. All FHA loans have mortgage insurance. You can never eliminate MI on FHA so that doesn’t work for you, though..