Let Capstone Mortgage Company Educate you on an FHA Home Mortgage Loan
“We See Things Differently”
A general misconception of an FHA Home Mortgage is that a FHA Home Mortgage is a government issued, or financed loan... FHA Loans are simply, loans that are insured and secured against default by the FHA. There is no limit for incomes when getting a home with a FHA loan which is a big plus for potential home buyers who have little cash to put down on the home. FHA loans work with borrowers to help get them into a home to stabilize and revitalize the housing market.
Refinancing an FHA mortgage loan is now easier than ever. FHA really wants homeowners to be able to stay in their home as opposed to foreclosure or mortgage default. This means that many homeowners, regardless of the reason, or financial situation, can get a mortgage refinancing for their FHA loan that they will be able to afford every month. The biggest requirements are going to be that the loan is an FHA loan, and that the loan is not late or delinquent in any way.
Advantages of refinancing your FHA home mortgage loan
Programs that reduce your interest rate at no cost
Options that allow refinancing your FHA home mortgage loan at no cost
The credit qualifications and the income qualifications are more lenient than other lender qualifications.
It is not difficult to switch from an ARM to a fixed rate loan.
There is no hassle in lengthening or shortening the term of your loan.
Refinancing your FHA home mortgage loan can allow you to consolidate first and second mortgages.
You can also take advantage of "cash out refinance" options to consolidate your bills.
The closing costs are regulated by the FHA, and are often lower than the costs associated with other lenders.
Even if you have had a bankruptcy or foreclosure, you can still take advantage of refinancing your FHA home mortgage loan. However, you do have to wait at least two years for a bankruptcy and three years for a foreclosure.
You can get financing for up to 97% of your home's value
The Capstone Mortgage team is here to answer your questions and assist you in your next refinance or purchase using the tools and programs FHA offers to complete your nest mortgage.