I have a home equity loan I want to ditch. Can I use an FHA loan to refinance both my mortgages?

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Depending on what the appraisal comes back at, I might be really close to owing as much as it’s worth. Can an FHA mortgage be used for this?
I’m looking for more information on how FHA loans work. Can I use FHA to refinance? If so, are there any limits on how much I can borrow against my house? Is FHA a pain in the rear to process?

Forget I said anything about equity for now. I just want to know if this is doable.

4 Comments
  1. Reply
    goz1111
    January 25, 2011 at 8:10 pm

    you need to find out, if you even have equity in the house,

  2. Reply
    alterfemego
    January 25, 2011 at 8:50 pm

    It’s possible. However, only a lender who takes into account your entire financial picture can tell you for sure. I suggest you talk with several local lenders in your area that handle FHA loans.

  3. Reply
    Quicken Loans
    January 25, 2011 at 9:31 pm

    Great question! You’re on the right track, too!

    Since you are combining your mortgages, it will likely be considered a cash-out refinance. FHA has one of the highest loan-to-value limits for a cash-out refinance. FHA allows for up to 95% cash-out. Knowing this, a FHA loan is going to be one of the best options for your situation.

    Also, with the new higher FHA loan limits, FHA is becoming increasingly popular for homeowners looking to refinance. In the past, FHA was typically seen as a first-time home buyer’s loan (which it still is great for), but a lot of seasoned borrowers are taking a second look at the rate security and flexible guidelines of FHA loans.

    I’m including a couple links if you’d like more information on FHA loans.

  4. Reply
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    January 25, 2011 at 10:23 pm

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