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LET'S GO FHA!

If you don't think you can Refinance your home because of your credit, or you just don't have enough equity...think again!  The Federal Housing Administration (FHA) insures mortgages that fit these types of scenarios, so that Sun American Mortgage can offer you a loan that will meet your needs. With flexible qualification guidelines, these FHA Refinance loans are particularly designed to benefit those who don’t have perfect credit or the equity that may be required on a conventional loan. So let's get started!

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LET'S GO FHA!

If you don't think you can Refinance your home because of your credit, or you just don't have enough equity...think again!  The Federal Housing Administration (FHA) insures mortgages that fit these types of scenarios, so that Sun American Mortgage can offer you a loan that will meet your needs. With flexible qualification guidelines, these FHA Refinance loans are particularly designed to benefit those who don’t have perfect credit or the equity that may be required on a conventional loan. So let's get started!

Our FHA Refinance Option

Thinking about an FHA Refinance?

There are two types of FHA Refinance options, Traditional Refinance and Streamline. 

TRADITIONAL FHA REFINANCE – This is the perfect option if you want to pull some cash out of your home’s equity, lower your interest rate, or, add/drop someone from the the title to the property. 

STREAMLINE FHA REFINANCE – This is by far the most common of the FHA refinance options. This allows you to refinance your home with very little requirements. No appraisal, no income or asset verification, and no credit report is needed. Only a 12 month satisfactory mortgage payment history is required. 

Disclosure: This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).

What are the requirements for FHA Refinance?

FHA makes it relatively easy to qualify for a refinance. For both a traditional and a streamline, you must currently have an FHA insured mortgage in order to refi. The refinance must result in a lower monthly principal and interest payment for the borrower. You must also have some equity in your home in order to obtain a refinance. Other than that, it’s a pretty smooth process with FHA!

Main points of qualification for FHA Loans


  • STEP1

    Credit Score* 
    Borrowers with lower credit scores are more likely to get approved if they apply for an FHA loan. Scores can go as low as 580, however, we will most likely need an explanation of the reason the credit is challenged. 

    *NOT REQUIRED FOR FHA STREAMLINE REFI – Only a 12 month satisfactory mortgage payment history is required.

  • STEP2

    Debt to Income Ratios** – What’s This?
    To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. This means that the amount you spend on monthly payments needs to be “reasonable” when compared to your monthly income. In general, you have to have at least a 31/43, but in some cases it’s possible to get approved with D/I ratios closer to 55%.

    **NOT REQUIRED FOR FHA STREAMLINE REFI

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