FHA Refinancing Information
If you have considered an FHA mortgage, FHA mortgage center is a good place to start for information. First-time home buyers, borrowers with limited depth of credit, veterans of the armed forces and even borrowers facing foreclosure can all stand to benefit by purchasing or refinancing with an FHA/VA loan.
To qualify for FHA loan refinancing, you must:
- Have a DTI (debt-to-income ratio) of 29%/41%
- Demonstrate that you have a history of regularly paying your bills on time.
- Have a stable income history
You do not need a credit report but having one is sometimes helpful. There are some additional considerations to make when using fha financing. FHA loan limits vary by county. You should check to see your county’s loan limits before budgeting for any finance charges. One additional advantage of an fha loan is that they are assumable. While risky, some home sellers are offering what are known as wrap-around loans to offer seller financing.
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