Florida FHA Mortgage Requirements:
FHA Mortgage insurance is a Florida mortgage insurance policy that protects Florida mortgage lenders against losses that result from defaults on Florida FHA mortgages. FHA requirements include FHA mortgage insurance primarily for Florida mortgage applicants making a down payment of less than 20% percent.
CURRENT UPFRONT FLORIDA FHA MORTGAGE INSURANCE PREMIUM
The UPMIP is currently at 1.75% of the base FHA loan amount. This applies regardless of the amortization term or (LTV) loan to value ratio.
CURRENT FLORIDA UP-FRONT MIP ON CERTAIN FLORIDA FHA STEAMLINE REFINANCES
Florida FHA streamline refinance transactions that are refinancing Florida FHA loans endorsed on or before May 31, 2009, the UFMIP is currently 0.01 percent of the base Florida FHA loan amount.
CURRENT ANNUAL MIP ON CERTAIN FLORIDA FHA STEAMLINE REFINANCES
Florida FHA streamline refinance transactions that are refinancing Florida FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base Florida FHA loan amount and takes effect on or after June 11th, 2012.
FLORIDA FHA MORTGAGE REFINANCING OPTIONS- FHA mortgage refinancing benefits current Florida home owners that are seeking to FHA mortgage refinance a Florida mortgage. An FHA mortgage refinance will also benefit Florida mortgage applicants that DO NOT currently have an FHA mortgage. FHA mortgage refinancing offers current Florida homeowners the most flexible FHA refinancing options available. We can even FHA mortgage refinance Bad Credit Florida Mortgage applicants with our FHA 530 Mortgage. Below you will find some different ways Florida FHA mortgage applicants can take advantage of an FHA mortgage refinance.
• FLORIDA FHA CASH OUT REFINANCE: Florida homeowners can FHA cash out refinance with FHA mortgage at a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current Florida homeowners can cash equity built up in their homes; up to 85% of the home’s FHA appraised value, to spend how they please.
• FLORIDA FHA STREAMLINE MORTGAGE REFINANCE: Florida FHA streamline mortgage refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their interest rate thus lowering payments. With an FHA streamline mortgage refinance, Florida homeowners can FHA refinance their Florida mortgage payments with no credit check and no appraisal. The only Florida FHA streamline refinancing condition is that the homeowner has to be current on the Florida FHA mortgage. Your Florida mortgage payments must be current to qualify for an FHA streamline refinance.
• FLORIDA FHA MORTGAGE REFINANCE TO CONSOLIDATE DEBT: Current Florida homeowners with higher interest credit cards or Florida homeowners with bad credit with high interest debt can FHA refinance into one low monthly Florida FHA mortgage payment with an FHA debt consolidation refinance.
• FLORIDA FHA MORTGAGE REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate mortgage loans, including adjustable rate FHA mortgages, can use an FHA mortgage refinance to lower their monthly housing obligation. In addition, Florida FHA mortgage applicants can FHA refinance into a 15-year, 30-year or 40-year fixed rate Florida FHA mortgage to lower the Florida mortgage monthly payments.
• CHAPTER 13 FHA MORTGAGE REFINANCE: FHA offers Florida Homeowners with or without an FHA mortgage the who have enough equity in their home and who are currently in a Chapter 13 repayment plan to FHA mortgage refinance their current Florida mortgage to consolidate and lower monthly Florida mortgage payments.
• FHA MORTGAGE REFINANCE FLORIDA LAND CONTRACT: FHA offers current Florida homeowners in a land contract, rent to own financing otherwise known as owner financing, the ability to FHA mortgage refinance a land contract to an FHA mortgage. The only stipulation is that you must provide proof of your most recent 12 months Florida mortgage payments. This is accomplished by providing your last 12 months canceled checks showing the owner financed Florida mortgage payments clearing your bank account.