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Texas FHA Refinance Loan Programs

If you are looking to invest in your property and enjoy the benefits year after year, refinancing with an FHA loan will be an investment worth your while. A lender issues a loan insured by the Federal Housing Administration reducing the risk of loss. This program was instated due to a massive amount of foreclosures and defaults in the 1930’s. The FHA home loan program had stimulated the housing market; making sure home ownership is easily achieved.

Types of FHA Refinance Loans

There are two types of FHA refinancing loan program. They are (a) the standard rate-to-rate refinance, and (b) the streamline refinance.

Rate and Term Refi

  •  Refinancing any type of mortgage to an FHA loan to lower the interest rate, to shorten the financing term, or both, is what’s referred to as a “rate and term” refinance. It is a common knowledge that the interest rate of an FHA loan is quite lower as compared to any other loan programs in the market. It’s not uncommon to see conventional-conforming mortgage holders refinance to an FHA loan to lower the payment or term of the original loan.

Streamline Refi

  • A streamline refinancing is refinancing an existing FHA loan to another FHA loan. There are different types of streamline refinance programs: (a) no credit, no appraisal; (b) full credit, no appraisal; and (c) no credit, full appraisal. When an refinancing an existing FHA loan to another FHA loan but requires both full appraisal and a full credit check, that is deem the same as a rate and term refinance.

When refinancing to an FHA loan, there are several things you will need for your application:

  • Your last 2 years of residence;
  • Employment information in the last two years;
  • Income tax returns for the last two years along with W2s, 1099s, etc.;
  • Two (2) months of bank statements;
  • Full 30 days paycheck stubs.

Having all of these documentation handy will speed up the application process and will help achieve better results at a much faster pace.

If you are looking to refinance your mortgage but have minimal equity, the most appealing option to most borrowers is the rate and term refi. It will lower the current rate you are paying now and result in a lower monthly payment. You can change the terms of your loan without losing your hard earned equity.

.FHA refinance allows loan-to-value of up to 97.75%. Compared to conventional loan that only allows a maximum of 97% loan-to-value, FHA is a better option.

When looking to refinance your home, look at all the options available to you. As FHA Loan Specialists, we are able to provide you with options. It is important that you find one that will fit your needs appropriately. By choosing either an FHA Streamline for an existing FHA loan or to go with a regular FHA rate and term option, you will be able to reduce your payment and build equity faster.

When applying, make sure you have all the required documentation handy. This will ensure that your application goes through with flying colors and close in a timely manner. Consult any of our FHA Loan Specialists to refinance your home. We will guide you every step of the way. Call us at 800-854-4142 for more information.

FHA Loan Benefits and Advantages

Compared to conventional loans, FHA carries a lower interest rate. Since HUD insures the loan against future default, it is offered a lower rate.

Minimum requirement for an FHA loan is only 3.5% compared to 5% on conventional loans. The borrower can also get a “gift” from family members to be used as a down payment on the house.

Required minimum credit score for an FHA loan is lower compared to the conventional counterpart. TexasFHA.org will extend an FHA loan to borrowers with middle FICO scores as low as 580. 

FHA loans can go as high as 57% debt-to-income (DTI) ratio with an automated underwriting system approval. Conventional loans can only go as high as 45% DTI. What does this mean? This allows the home buyer to purchase a higher sales price home. Lots of times, the higher DTI decides if a borrower qualifies for a home loan or not. 

An FHA Loan Specialist Ready To Help You

Our FHA Loan Specialists are always available to help you and answer any questions.  You may contact a dedicated FHA Loan Specialist through our website or by calling us directly. You may also chat with us to get a quick answer to your questions.

We make the FHA Loan Process Quick & Easy

Lenders often times will steer their clients away from an FHA loan due to their inexperience with the program.  FHA Loans are a great source of funding for our clients.  We share our knowledge and experience with FHA loans, making it easier for borrowers.

FHA Approved Lender

The Federal Housing Administration requires lenders offering FHA loans to go through an extensive approval process. We are FHA-approved and designated as a “Full Eagle” FHA mortgage lender offering FHA-insured home loans in Texas.

FHA Loans Help Make Home Ownership Possible For a Wider Range of People.

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6131 Orangethorpe Avenue, Ste 500
Buena Park, CA 90620



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