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Considering an FHA Loan Refinance? Tucson Mortgage Professionals can Help

Whether you are struggling to pay your mortgage or just want a better interest rate, an FHA loan refinance may be the solution. There are several options available, depending on your situation. When considering FHA Loan Refinance Tucson, mortgage professionals at Nova Home Loans can guide homeowners through the process and help tailor a loan to fit their needs.

FHA loans are not financed or backed by the government. However, the government does guarantee that the customer will not default. In recent years several FHA refinancing programs have become available to help people stay in their homes. These refinance programs were designed to help as many people as possible, so, when they apply for an FHA Loan Refinance Tucson homeowners may be surprised at how easy the process is. There are several options:

STREAMLINE: Homeowners who have an FHA loan may qualify for a loan which lowers payments. It is called a streamline loan and does not require a new credit report or the usual mortgage paperwork. The homeowner does have to have a source of income, and the loan must reduce the current payments.

CASH OUT: Customers can refinance an FHA loan to get cash from their property, but they must have enough equity, a high enough credit score, and an appraisal. There may be other requirements as well.

FHA REPLACEMENT LOAN: Often homeowners choose to replace their current FHA loan entirely. This is a good option when the interest rate on the new loan will be much lower. However, borrowers need to meet credit score, appraisal, and other requirements, which are similar to cash-out loan requirements.

Homeowners who want to use an FHA refinance to get cash or want to replace existing loans need to be up-to-date on their current mortgage. They cannot have filed for bankruptcy within the last two years, or have a tax lien on file. When they are considering an FHA Loan Refinance Tucson homeowners need to have an existing FHA loan for the streamline and cash-out loans. However, those with conventional loans can still apply for an FHA replacement loan. Current loan programs have been especially designed to make the loan process and qualification simple, to keep home ownership as affordable as possible.

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