How long do you have to have an FHA loan before you can refinance?
How long do you have to have an FHA loan before you can refinance?
six months
How soon can you refinance an FHA loan? You must have owned your home for 210 days — or seven months — and made on-time payments for at least six months before you can refinance using an FHA streamline.
Does FHA allow refinancing?
The FHA Simple Refinance allows homeowners to go from their current FHA Loan into a new one, whether it’s a fixed-rate loan or an ARM. This refinance is the most straightforward, and there is no option for cash-out. Below are some of the most common goals borrowers have when moving forward with their refinance options.
When did FHA MIP become life of loan?
The good change is that FHA lowered its mortgage insurance premiums in January 2015. On the negative side, they’ve made PMI essentially permanent over the life of most mortgages that they insure.
What credit score do you need to refinance a FHA loan?
580 score
As long as your new loan-to-value ratio is 90% or lower, you’ll only need a 500 credit score to qualify for an FHA refinance. If it’s higher than this, a 580 score is required. Keep in mind these are just the minimums set out by the Department of Housing and Urban Development.
What is a simple FHA refinance?
Simple Refinance refers to a no cash-out refinance of an existing FHA- insured Mortgage in which all proceeds are used to pay the existing FHA-insured Mortgage liens on the subject property and costs associated with the transaction.
When can FHA MIP be Cancelled?
11 years
June 3, 2013-present: Your MIP will only be cancelled once your mortgage is paid in full, unless you made a down payment of at least 10 percent. If so, your MIP will be cancelled after 11 years.
Are FHA mortgage insurance premiums going up in 2012?
The FHA will raise its mortgage insurance premiums April 9, 2012. All FHA mortgage applicants — first-time buyers, repeat buyers, and users of the FHA Streamline Refinance program — will be subject to the new fees. They’re called “FHA mortgages” but the Federal Housing Administration (FHA) doesn’t really make mortgages.
Who is affected by the new FHA streamline refinance fees?
All FHA mortgage applicants — first-time buyers, repeat buyers, and users of the FHA Streamline Refinance program — will be subject to the new fees. They’re called “FHA mortgages” but the Federal Housing Administration (FHA) doesn’t really make mortgages. Rather, it insures them for lenders that do.
Is there a jumbo FHA mortgage premium?
Loans made prior to April 9, 2012 will use the old FHA mortgage insurance schedule : There is no “jumbo FHA mortgage premium” for loans made prior to April 9, 2012. As part of the FHA’s announcement, there was also reference to the FHA’s benchmark refinance program, the FHA Streamline Refinance.
Is FHA upfront MIP paid in cash?
FHA upfront MIP is not paid via cash. You’ll pay interest on this amount for the life of your loan. The changes in the FHA’s annual mortgage insurance premiums are less extreme, rising only 10 basis points. The new schedule, for loans with case numbers assigned on or after April 9, 2012 :
