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Today many people are looking to refinance Adjustable Rate Mortgages that
they used to purchase their home. In many cases the ARM loan that they
purchased with is adjusting every 6 months and some every year.
The current rate may look good today but the unknown is what will
interest rates rise to in the next year? Since we are at
traditionally low rates now may be a time to refinance. FHA has many
options for borrowers that are delinquent on their current ARM, the appraised
value is lower than what you owe on your first and second mortgage or you would
like to look at refinance options for either taking cash out or just to set your
interest rate for the next 30 years.
The first program is FHA Secure:
If your current mortgage is a conventional fixed-rate or ARM loan you may use
this program.
If you are delinquent on an ARM loan: and that the delinquency was caused by
rate reset or extenuating circumstace but does not affect borrower's overall
capacity to repay the FHA loan.
Your current loan may include interest only, payment option and negative
amortization.
However this program does not include delinquent FHA loans.
With this program you will have different mortgage insurance
requirements depending upon your current situation.
FHA 95% Cash-out Refinance:
This program is for an FHA or conventional loan that you have had for at
least 12 months and all payments were made on time.
With this program we can refinance you up to 95% of the appraised value of
your home.
If you owe more than that amount we can work with your current mortgage
holder to negotiate options.
FHA to FHA Refiance:
For this option you need to have currently an FHA mortgage current and have
an acceptable mortgage payment history. This options is very low cost and
is a great benefit to current FHA mortgage holders looking for a lower interest
rate.
Please give me a call today if you are interested in more information or
refinancing using an FHA loan.
Liz Fontanini
Certified Mortgage Planning Specialist
928-556-0600 office
928-600-9360 cell
liz.fontanini@wvmb.com | 
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