Do you want to refinance a home in Georgia? Whether your current home loan is with the FHA (Federal Housing Authority) or a private source, you may be eligible for an FHA mortgage refinancing.
The FHA is a division of HUD, the U.S. government’s department of Housing and Urban Development, so FHA lending programs are friendlier than those you might find with private companies. People with credit scores as low as 500 are eligible for FHA loans.
FHA loans meet the needs of all sorts of homeowners. For example, the standard FHA Streamline loan is ideal for homeowners with plenty of home equity; the Streamline 203(K) is designed for homeowners wanting repairs and upgrades; and the FHA Short Refinance is one of the best options for buyers with upside-down or underwater mortgages. Read on for details.
FHA Streamline Loan
Streamline loans are one of the easiest ways to take advantage of lower interest rates. They require no new home appraisal, little paperwork, and just a short waiting period. A Streamline loan could give homeowners the lowest current rates on mortgages. However, this loan does not include the option of cashing out equity. For low refinance mortgage rates that can finance home repairs and upgrades, see the Streamline 203(K).
FHA Streamline 203(K) Renovation Loan
With the new low rates in Georgia, it can be an ideal time to refinance for improvements on homes and rental properties. People who are upgrading an existing home or buying a new home that needs work can add up to $35,000 to loan packages when they refinance mortgage rates in Georgia. The 203(K) renovation loan is available with 15 year and 30 year refinance rates.
FHA Short Refinance Loan in Georgia
Since September of 2010, the FHA Short Refinance option has been helping homeowners who are “under water” or owe more to banks than their homes are now worth. Georgia homeowners with credit scores of at least 500 may apply for the Short Refinance, provided that their original lender agrees to forgive a minimum of 10% of the remaining principal on the initial loan. With this loan option, the resulting loan cannot exceed 115% of the home’s value.
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