Florida FHA interest rates are super low right now, almost back down to all time lows! Refinancing your current home loan with FHA is a great option to secure a lower payment or fixed rate terms. FHA home loans are easier to qualify and offer more flexibility than conventional loans. Okaloosa and Santa Rosa County residents can also cash out equity to pay off high-interest debt, make home improvements, or pay any other expenses.
FHA offers (3) separate refinancing options for Okaloosa & Santa Rosa County residents:
- FHA Rate/Term Refinance:
The FHA Rate/Term Refinance is for Florida homeowners who currently have a conventional fixed-rate or ARM mortgage and wish to refinance into a lower interest rate. Remember, you do NOT have to currently have an FHA home loan to refinance into one. The FHA rate/term refinance program helps borrowers who wish to have a secure FHA insured fixed-rate mortgage.
- Cash-Out FHA Mortgage Refinance:
The Florida Cash Out FHA RefinanceLoan is perfect for the Florida homeowner who would like to access the equity in their home. The Florida FHA loan program is beneficial to homeowners whose property has increased in value since it was purchased. With a Florida FHA Cash-Out Refinance, you can access up to 85% of your home’s value. Get the cash needed now to pay off higher-interest debt like credit cards, car loans, etc.
- Streamline FHA Mortgage Refinance:
The Florida FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. A Streamline FHA Refinance Loan can be performed quickly and easily. It typically requires less paperwork than a normal refinance and most the time no appraisal, qualifying debt ratios or income verification. This is a great program for existing FHA home owners that have no equity and are underwater on their homes value.
Learn about the latest Florida FHA Streamline information by clicking here.
FHA Loan Amount and Financing Details:
The maximum loan amount allowed for an FHA Refinance Loan varies from county to county in Florida as stated over in the FHA Details page here. Florida FHA home loans do have maximum allowed loan amount limits depending on the Florida county/location of your new home. Nearly all the counties in Florida have a maximum mortgage limit of at least $330,000. Some Florida counties to the south (Monroe County, Collier County, Broward County, Manatee County, Palm Beach County) have maximum loan amount limits as has high as $700,000 +
The maximum FHA financing for a Florida FHA Rate/Term Refinance (No Cash-Out) or FHA Streamline Refinance (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum mortgage financing for an FHA Cash-Out Refinance is 85%.
How can I tell if I’m qualified for an FHA refinance?
To be eligible for an FHA Refinance Loan, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background and past mortgage payment history will be carefully considered as well. A minimum credit score of a 600 is usually required to obtain an FHA approval, however, this requirement can differ from lender to lender. Additionally, you must have enough monthly income to pay your housing costs plus all revolving monthly debt.
FHA Mortgage Source is Florida’s leading FHA loan resource, serving you 7 days a week. Please call us at ph: 800-743-7556 or submit the quick Info Request Form on the right side of this page.
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If you are a homeowner that has a USDA mortgage, you can click here to learn about the USDA refinance program.