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The Basic Details to Know about FHA Mortgage Refinance Loans
Refinancing an FHA mortgage loan is very similar to refinancing other types of mortgage loans, both conventional loans, VA loans and USDA mortgage loans.
 
FHA mortgage loans has its own list of requirements and regulations that govern refinance loans.  If you’re considering an application for an FHA refinance, here are a few general things you should know about going into the process.
In the FHA loan rulebook under the section, “Purpose of a Refinance Transaction” we learn, ” A refinance transaction is used to pay off an existing real estate debt with the proceeds of a new mortgage;
–for borrower(s) with legal title, and
–on the same property”.
 
The rules also state that an FHA borrower is “eligible to refinance the loan, as long as he/she has legal title, even if he/she was not originally on the loan.” That’s important to know in cases where a home was inherited or otherwise had ownership transferred in a way permitted under FHA loan rules.
How much can an FHA borrower refinance the loan for? According to the section titled, Maximum Percentage of Financing for a Refinance” we learn that there is no set dollar amount for FHA refinances. Instead, “The maximum ... more

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