How to Get FHA Mortgage Refinance for Short Term for Home Owners with Poor Credit


Pittsfield, MA -- (SBWIRE) -- 05/31/2013 -- The experts at Real-estate-yogi are here to share their knowledge of FHA mortgage refinancing, including:

- FHA Streamline Refinance
- FHA Cash-Out Refinancing
- Area Lenders

FHA Streamline Refinance Program

There are several reasons to look at FHA mortgage refinance options. These refinances can be large sums of money because they’re based on a borrower’s home equity. The FHA Streamline refinance can help with expensive endeavors, so long as the homeowner considers the home his primary residence. To qualify for Streamline refinancing, one’s mortgage must be insured by the FHA and be in good shape. Most importantly, the refinance must reduce one’s monthly mortgage payment.

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Cash-Out Refinancing through the FHA

FHA cash-out refinancing is different from the Streamline refinance. This option is especially good for those whose homes have increased in value over the years. A cash-out refinance loan is one that allows a homeowner to refinance his original mortgage for more than the amount he owes on it. One of the FHA mortgage refinance requirements for a cash-out refinance is that there must be a good amount of equity in the home. It’s best to have owned the house for many years prior to refinancing in order to benefit the most from this process.

Local Financers

One can apply for FHA mortgage refinance through any FHA-approved lender in one’s area. Local lenders generally know the full process of applying for refinance and can walk an applicant through it, making it easier to understand. As previously mentioned, refinancing a loan of any kind simply means that the original loan is paid off and a nice new one is created, one that has better terms and a lower interest rate. It is also possible that a principal reduction may occur as part of the new loan.

Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) is part of the Obama Administration’s Making Home Affordable plan and is available to homeowners whose mortgages are owned or insured by Freddie Mac or Fannie Mae. While HARP is not one of the FHA mortgage refinance options, it’s still worth taking a look at. The same process applies to HARP as that used for other refinances: The principal, interest rate, or terms of repayment will change to devise a reduced payment of the loan. Apply for this refinancing through a local financer.

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