FHA Refinance Loans vs. Freddie Mac Refi Possible Loans
Are you thinking of your refinance loan options? Do you need a bit more flexibility in credit score requirements when you apply? There are many refinance loan options and two of those options come from conventional loans that meet Freddie Mac requirements and those that are guaranteed by the FHA.
Do you know how the FHA refinance loan program compares to the conventional Freddie Mac Refi Possible option? It’s best to be the most informed borrower you can--comparing these two refi loan programs is a very good idea.
Even those with existing FHA mortgages may consider a conventional refinance loan program like the Freddie Mac Refi Possible option.
Are you thinking of a Fannie Mae or Freddie Mac refinance instead of an FHA refinance? For some, this might be a good dilemma--especially those who aren’t sure which loan program better suits their needs.
Some borrowers are looking for a fixed-rate mortgage with no cash out. Such potential borrowers may have FICO scores in a range of 620 or better, and who meet Freddie Mac Refi Possible income limits.
Those who have both stand a good chance of being approved for a Refi Possible loan but it is crucial to note the income limitations on those refinances.
FHA refi loans for borrowers who don’t meet the income caps are a very real possibility. When applying for a Refi Possible loan, if you earn too much money, you won’t qualify for the program. Compare that to an FHA mortgage loan which has no income restrictions and has a lower FHA-required FICO score range for loan approval.
The option to Refinance is an important one. You may want to get a lower monthly payment, you might want to get a lower interest rate, or you might want to pull equity from your home in cash. You cannot use a Freddie Mac Refi Possible loan to pull equity from your home, but you can do so with an FHA Cash-Out Refinance.
You can apply for an FHA mortgage to refinance your home and renovate it at the same time using an FHA 203(k) Rehab Loan.
If you have an existing FHA loan you can apply for an FHA Streamline Refi to lower your rate, your monthly payment, or get out of an adjustable-rate note.
FHA mortgage loans--including refinance loans--allow you to be approved for extra funds to use for energy-saving upgrades to the home. This is called an FHA Energy-Efficient Mortgage and using it you can pay for improvements to be professionally installed in your home.
Your Mortgage Payment Schedule Is Called Amortization
Information About the Balloon Payment
Reliable Borrowers Can Qualify for a Cash-Out Refinance
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