How does a refinancing loan work on an FHA mortgage?
I have an FHA loan for $25,000......House is worth much more, especially after the repairs we did. House sold at least 3 different times between 1995 and 2006 for approximately $100,000.I am guessing it is at least appraised for $65,000 right now....I still have 29 years left on the mortgage. How does refinancing work (what kind of loan would I get in $ terms), and what do I need to get approved? by davidz72 from Asheville, North Carolina. Jun 13th 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
Great question: You have left very limited information and not enough to determine what you qualify for but being that you are currently in an FHA loan the refinance process should be very easy if you meet all the criteria for an FHA streamline loan. My suggestion is to get with a local lender you can trust and build repore with. Then let them complete an entire loan application and review your income documents to dtermine the best possible loan in which to refinance into. Good luck!
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
A refinance on a FHA loan is very similar to a regular financed loan. Your first step is to contact a local loan officer and apply for a mortgage. They will walk you through your steps. You would need to have handy, 2010-2009 W2 and 1040's, most recent paystubs, mortgage statement, tax, insurance bill. Your loan officer will pull your credit report and with your income, he will be able to provide you accurate quotes on loan amounts, costs and interest rates. Good luck
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