Paving Your Way to
FHA Refinance

Our FHA Cash-Out Refinance loan offers a maximum loan-to-value (LTV) ratio of 80 percent of your home's current market value. The LTV ratio is determined by dividing the requested loan amount by the home's appraised value.

This financial solution is designed to provide homeowners with the opportunity to access equity in their property for a variety of needs, ensuring a strategic approach to leveraging real estate assets. By capitalizing on the equity built up in your home, this option facilitates financial flexibility and strategic planning for your future.

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Who Is An FHA Refi Loan For?

Our FHA Mortgage Lending product serves a diverse clientele:

  • Homeowners aiming to reduce interest rates on their mortgage for lower monthly payments.
  • Borrowers needing to access home equity for expenses like home improvements or debt consolidation.
  • Individuals with less-than-perfect credit scores, as FHA loans have more lenient eligibility criteria compared to conventional loans.
  • Those with existing FHA loans looking for a streamlined refinancing process with minimal requirements.

How FHA Refi Mortgages Benefit You?

When you choose our FHA Mortgage Lending product, you unlock:

  • Increased equity access: Allows homeowners to tap into their home's equity, providing funds for home improvements, debt consolidation, or other financial needs.
  • Lower interest rates: Potentially reduces your monthly mortgage payments by securing a lower interest rate compared to your original loan.
  • Flexible qualification criteria: Offers more lenient credit score and income requirements, making refinancing accessible to a broader range of homeowners.

Specific FHA Refinance Requirements

Eligibility criteria include:

  • Credit Score Requirements: Borrowers typically need a minimum credit score of 580 to qualify for maximum financing, with a lower down payment. For credit scores between 500 and 579, a higher down payment may be required.
  • Loan-to-Value Ratio: For an FHA cash-out refinance, the maximum loan-to-value (LTV) ratio is 80% of the home's current value.
  • Mortgage Insurance: Borrowers must pay upfront mortgage insurance premiums (UFMIP) and annual mortgage insurance premiums (MIP), which are required for all FHA loans.
  • Occupancy: The property must be the borrower's primary residence to be eligible for an FHA refinance.
  • Current on Payments: Applicants must be current on their mortgage payments and have a good payment history for the last 12 months.

FHA Property Types Funded

The versatility of our FHA product extends to various property types:

  • Single Family Residences: Ideal for those looking to start a family or live independently.
  • Condominiums: When choosing condos, ensure that the project is FHA-approved.
  • Townhomes: These offer a perfect blend of community living and individual privacy.
  • Multi-Family Properties (1-4 units): Ideal for those contemplating property investment; live in one unit and rent out the others.
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FHA Loan Amounts

  • Minimum Loan: $150,000, an entry point for modest investment properties or starter homes.
  • Maximum Loan: $800,000, catering to those looking for higher-end properties or multiple real estate investments.
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FHA Loan Terms

We offer a range of loan terms to suit your financial outlook:

  • 5-Year Adjustable-Rate Mortgage (ARM): Ideal for borrowers who anticipate selling or refinancing in the near future.
  • 7-Year Adjustable-Rate Mortgage (ARM): A slightly longer fixed-rate period for those who need more time.
  • 30-Year Fixed-Rate Rental Loans: Perfect for those seeking long-term stability in either homeownership or property rental.

FHA Availability Funding Eligibility

Our FHA Mortgage Lending product is accessible to a wide range of entities:

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Individuals

Particularly useful for those entering the property market.

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Corporations

Entities engaged in real estate investments can apply.

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Partnerships

These too are welcome, provided they meet specific eligibility criteria.

Your journey toward homeownership is one we wish to support. Barrett Financial's FHA Mortgage Lending product stands as a testament to our commitment to providing reliable, tailored mortgage solutions. Start your application today and bring your homeownership dreams to life.

States We Serve

Barrett Financial is proud to service multiple states across the U.S., offering comprehensive solutions to suit diverse regional needs. Check our map to find out if we service your state.

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