Tampa FHA Refinance
Tampa FHA Refinance
Refinancing your mortgage is a significant step and one that should not be undertaken lightly. After all, it will take time and resources for you to complete your application and get your loan approved. Fortunately, the FHA now has a new refinance program that could significantly reduce your out-of-pocket costs and help you refinance your Tampa FHA mortgage.
Call our office today at 855-554-2673 or apply online for a Tampa FHA Refinance!
For a homeowner to be eligible for an FHA streamlined loan, there are certain conditions that must be met. The good news for homeowners is these loans are easier to get, even if you have some minor credit issues. Here are the basic requirements which must be met before qualifying for an FHA streamlined loan:
- Home value – The value of your home must meet FHA requirements. In Tampa, this means your single family home may not have a loan in excess of $292,500. Multi-family homes have higher limits, $374,450 for a two-family, $452,600 for a three-family and $562,500 for a four-family.
- Current mortgage – To qualify for a Tampa FHA streamlined refinance, your existing mortgage must be FHA backed. There are programs for borrower who do not currently have an FHA loan, however the streamline is designed for those with an existing FHA loan.
- Credit status – Borrowers credit rating must be better than 580. Since typical FICO scores range between 250 and 900, this is a good “medium” ground for most homeowners, especially those who are trying to recover from job loss.
Good news for borrowers
In addition to the lower credit score requirements, there is more good news for those who qualify for an FHA streamlined loan. In nearly all cases, lenders will not require the homeowner to have a new appraisal done on their property. It is important to note however that the loan amount cannot exceed the current loan on the property. In addition, in most cases, monthly mortgage insurance payments can be reduced or eliminated with an FHA streamlined refinance.
Most lenders are willing to write these loans with less documentation than a standard refinance loan. It is critical to remember that there are limitations to this program and that each loan will be looked at on a case-by-case basis. If you believe you may be eligible to refinance your existing Tampa FHA mortgage loan under the new streamlined program, contact Core Mortgage Financial. We can help you evaluate your current mortgage loan and determine if an FHA streamlined refinance program is right for your individual circumstances.
We have licensed loan originators that are ready to discuss your Tampa FHA refinance today. Call us now at 855-554-2673!