FHA Refinances in Florida
I can help any borrower anywhere in the state of Florida. You do not need to have an existing FHA loan to get a new FHA loan although you do need to be an existing FHA customer if you are doing the streamline refinance without appraisal. See below.
FHA - Federal Housing Authority
When considering which option to choose it is important to consider your loan to value. Loan to value is determined by estimating how much you need to borrow versus the value of your home. If you do not know how much your home is worth I have a helpful link that will give you an estimate.
CheckPropertyValue - This is an excellent tool and a collection of links that will allow you to get an excellent feel for the value of your home without contacting an appraiser. Fill out the form and we will provide an estimate of value.
FHA Cash OUT Refinance - If you need cash out FHA will lend up to 85% of the value of your home
FHA Rate Term Refinance- If you just need to do a rate term refinance, Fha will lend up to 97% of the value of your home
FHA Streamline Refinance - If you are upside down on your value, you can still do an interest rate reduction with an FHA Streamline Refinance without appraisal. So in other words you can have unlimited loan to value, e.g 200% and still do a rate term refi and lower your payment.
The FHA 203K is another great mortgage program that many customers are not aware of. This program in the streamline version allows for up to $35,000 in upgrades and repairs to the home. The final loan amount is based off of a calculation of the as is value and the after improvements value.