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THE FHA REFI CENTER
The FHA Refinance Process
(excerpted from fha.gov)
Determine what kind of loan you have
If you already have an FHA loan, you have a few more options for refinancing than if you than if you have a conventional or other non-FHA loan. Ask your lender.
Determine what you're trying to do
Are you looking to take advantage of lower interest rates? Are you looking to consolidate some credit card debt or a home equity loan into one single mortgage? Are you looking to take cash out of your property? Your refinancing goals will determine what kind of refinance loan you want to apply for.
Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. There are some online tools you can use, and some tools that your real estate agent can help you with, but it's best to visit an FHA-approved lender to find out for sure.
You should remember that prequalification (an informal estimate of how much you might borrow) is just to give you a preliminary idea of what you can afford, and to identify any major problems that you will want to fix. It's not a guarantee that you will be approved for a loan-but you will want to get pre-qualified to avoid any surprises.
* State regulatory authorities. Some states require licensing of home inspectors.
* Professional organizations. Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member.
* Phone book Yellow Pages. Look under "Building Inspection Service" or "Home Inspection Service".
The Internet. Search for "Building Inspection Service" or "Home Inspection Service."
* Your real estate agent. Most real estate professionals have a list of home inspectors they recommend.
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