Debt Consolidation

Cash out; Refinance

You can take cash out to pay debts; say your credit cards, cars, college, and or for home improvements, etc., or even roll in your 2nd mortgage so you can have one low monthly payment. But if you are taking cash out, your loan will be limited to either 95% or 85% of the appraised value, depending on your qualifications.

Also depending on the state which the property is located, the maximum FHA financing will either be 98.75% or 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs; whichever is lower.

Qualification is Easier with FHA

Your loan terms will be easier for you to qualify due to FHA insures your mortgage.

Credit less than perfect?: Your credit does not have to be perfect to qualify for a FHA mortgage. The FHA program is not credit driven; in fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

If you currently have a FHA mortgage and wish to refinance; FHA does not check your creditworthiness; once you already have a FHA loan. No other loan program will offer that to you!

Theres more protection to keep your home: FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.

FHA does not write or fund the loan it insures the mortgage. FHA insures loans for lenders against defaults.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured or mobile home (provided it is on a permanent foundation).

Ask Questions - Click Here