Good question. In all truthfulness, there really is no such thing as an "FHA loan." The FHA (Federal Housing Administration) doesn't really fund your mortgage at all. In fact, the FHA doesn't even buy or underwrite loans. The FHA provides mortgage insurance to help consumers become homeowners. To put it another way, the FHA insures mortgage companies from losses so on the slight chance a buyer defaults on their mortgage, the home loan lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. That's pretty much it. To keep things simple, we (and nearly all other mortgage lenders), call any loans insured by the FHA, "FHA Loans." Or in our case, the FHA Express.
ARTICLE OVERVIEW:
About FHA LoansGet up to 95% cash out of your home with an FHA loan refinance
The FHA Express can be your life vest if you are facing a rising ARM payment. Don't wait until it's too late!
The FHA Express is the quick way to go FHA. Quicken Loans makes refinancing with an FHA loan painless. It's why we were the first online mortgage company to be FHA approved!
Should I get an FHA loan?
Do you want to refinance out of an ARM? Is your ARM payment rising? Would you like to refinance to a lower rate or even do a cash-out refinance up to 95%? If so, the FHA Express may be the answer to your mortgage problems.
Cash-out refinance up to 95 percent!
Do you want to do a cash-out refinance? Well, we've got good news. The FHA Express offers a cash-out refinance up to 95 percent. Get cash for whatever reason you need it at a low rate with low closing costs. Don't borrow money with high-interest rate loans (such as a personal loan from a bank or a credit card). Why would you do that when you can do a low-cost, cash-out refinance and most likely qualify for a tax deduction?* The FHA Express is the best way to get a cash-out refinance!
Lower credit? Don't worry!
With the FHA Express, credit may not be an issue. Lower credit scores may be ok - our mortgage bankers look at each application on a case-by-case basis. It is also possible for people with no established credit to receive a loan with this program. That's why the FHA Express is an attractive loan to folks who think they probably can't qualify for a mortgage. Don't assume anything. Get in touch with us and we'll do a check of your situation and get you into the best loan possible.
Think you make too much money to qualify for the FHA Express loan? Think again!
There are no maximum income levels with FHA programs. Many homebuyers mistakenly believe there are maximum income levels that prevent them from qualifying for an FHA loan. There are county-specific maximum home loan amounts however; borrowers should check with their mortgage banker to learn the specific requirements for the county in which they are financing the house.
