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A new 2018 high LTV refinance program was just announced to Help Underwater Homeowners as HARP is set to expire. The outlook for refinance mortgages is still excellent since Trump has become President, with rates rising above 4%. Even though rates have increased in the last six months, 30 year fixed refinance loans are still near historical lows.
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An FHA cash-out refinance is available to both those holding existing fha-insured loans and new FHA borrowers. Refinance the existing loan and access remaining equity up to an 85 percent loan-to.
If you have an FHA-insured mortgage on your home, you may have the opportunity to refinance with an FHA streamline refinance. While the hype surrounding the FHA streamline refinance program makes it sound fabulous, the reality is that mortgage lenders often put what are called “overlays” on FHA.
Editor’s note: HUD, the adminstrator of FHA, will reduce the maximum FHA cash-out refinance loan-to-value to 80%, down from 85%.This will take effect for all new applications starting September 1, 2019. If you need 85% LTV, start your application immediately. What is an FHA cash-out refinance?
The new “no cash out refinance” is a quick and simple process that will allow homeowners to receive the current low FHA mortgage rates, which recently hit all-time lows. hud estimates that over 3.5 million homeowners in the United States will qualify for the new refinance program.
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Hitchcock says that the new streamline refinance is meant to be a "forever program" to help homeowners in all kinds of market cycles. A second difference between the new programs and HARP is that there is no requirement for a particular start date for the loan you are refinancing.
To further entice FHA mortgage holders, the FHA also offers upfront. This refund allows a portion of the premium paid when the original FHA loan closed to be applied to the upfront MIP of the new FHA streamline refinance loan. Check today’s FHA streamline refinance rates here.