Question by Boatalot: We have a FHA Mortgage with 0 down. We have paid on our mortgage for 2 years. Can we refinance the FHA to low?
We’d like to refinance the FHA mortgage to a lower interest rate. Can we do this since we don’t have 20% of the 30 year mortgage paid down yet? Any tips we should know about?
Best answer:
Answer by Vegas
Most banks now require 20% equity. Good luck finding one. It may be hard though.
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Question by Marci S: How does an FHA home loan differ from other home loans?
I’m looking at houses online and some of them say FHA buyers welcome. Does this mean that some people don’t want to deal with someone who has an FHA loan? Please also tell me anything you know about FHA loans. Thanks.
Best answer:
Answer by Dan P
A Federal Housing Administration (FHA) loan is a popular way to buy homes now which involve only 3.5% down as opposed to the conventional loans that require 20%. This means more money in your pocket. The trade-off is that the payments are a bit higher (~100 dollars) for the first 5 years.
Not all lenders are FHA approved, and as the government has strict regulations over who can do them. This means that a realtor needs to know loan officers who are FHA approved to offer that loan program. FHA makes the programs, FHA-lenders carry them out.
For more information about FHA loans visit the HUD website. http://www.hud.gov/buying/loans.cfm
Edit:
ExpertRealtor, not to be nitpicky, but you did not say anything that was different from what I said… And actually, it is you that is mistaken, there ARE strict guidelines to be FHA approved… If you’ve been watching the news recently, earlier this May 2009, about 120+ lenders were dropped by HUD for writing loans “the easy way” as you so fondly put it… Please keep your community answers to relevant and updated information for August 2009… Thank you.
source:
http://www.hud.gov/news/release.cfm?content=pr09-070.cfm
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