Sometimes people are seeking to refinance in order to avoid foreclosure but at other times it is because they need the cash for different reasons including clearing up some credit problems.

Refinance Options with an FHA Mortgage

Those who have an FHA mortgage have more refinance options than some others. One of the most popular FHA mortgage refinance options is the FHA streamline refinance which doesn’t require an appraisal, income verification or credit score. It’s important to keep in mind these refinance loans are only intended for current holders of FHA mortgages. Other provisions of the program according to Real-Estate-Yogi.com include:

Homeowner must have made six consecutive payments on the loan since the last refinance
Payments must be made perfectly over the last three months
Homeowner must have a good payment record with the FHA over the past year
Homeowners cannot increase the balance on the loan in order to pay closing costs
Must have a valid reason to refinance

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There is another program that allows homeowners more flexibility in the refinance amount, but it requires an appraisal and is subject to the same provisions as an original mortgage. For more information on all FHA refinance programs you need to take some time to fill out the form that appears on the website. Someone from Real Estate Yogi will contact you in an expedient manner to discuss your options.

Qualifying for the Streamline Program

As indicated in the previous paragraph, the FHA streamline mortgage refinance program is designed for those FHA mortgage customers who have a good payment history with the FHA. Those who do not qualify under the streamline no-appraisal program may qualify for the other streamline program. Those who are aware of these provisions ahead of time are able to work harder to make sure they always make their payments on time. It’s a good idea to conduct some research of your own in order to fully understand all of the FHA refinance options.

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Applying for a Cash Out Refinance

Sometimes things come up, and homeowners feel the need to apply to refinance the mortgage with cash out. While there is technically nothing wrong with this method, those who have bad credit may not qualify. It means you basically cash out your equity, but the lender has no control over where the funds go. Those with bad credit may only qualify under a program that allows the lender to disburse the funds to whomever and whenever they are needed.

There are at least two different FHA mortgage refinance options available to FHA homeowners. The FHA streamline mortgage refinance program is designed for those customers who have a good payment history with the FHA. It can be challenging to be approved for a mortgage refinance with bad credit, especially if you are seeking to refinance your mortgage with cash out.

There are many reasons a homeowner may wish to refinance his mortgage, and there are various programs available both through private lenders and the FHA. If you take some time to visit www.real-estate-yogi.com you will find an enormous amount of information on many different refinance programs for those with good and bad credit. Another offering on the site is a free database with over 260,000 financial experts and legal consultants all across the United States. You can schedule a free consultation by calling 1-800-987-1397.