Lower your rate, shorten the term of your loan, or take cash out from the equity in your property with a FHA Refinance
- Shorten your term from a 30 year to 20 or 15
- Use the equity in your home to take cash out to be used for upgrades, repairs, or just extra money
- Available for High Balance loans
- Up to 97.75% Loan To Value (LTV) for a rate/term refinance
- Must have made at least six (6) payments on existing FHA Loan
- As low as 580 FICOs ok
- Upfront and monthly Mortgage Insurance (MI)
To refinance an existing FHA loan with a no appraisal loan, you may be interested in a FHA Streamline Refinance Loan.
If you are looking to remove Mortgage Insurance, consider a Conventional Refinance. No MI is required on LTVs below 80%. Additionally, If the LTV on your loan is 80% or higher when your loan closes, your MI can be cancelled once it drops below 80%.