Refinance Loan Resources Page

If you are considering getting a Hard Money Refinance or just an FHA Loan, there are several things you should know that will help you when you refinance. These things include what you DO and DO NOT need when trying to refinance that FHA loan, and a few of the requirements.

Things to know before refinancing:

1) About the FHA Loan program
Your FHA home loan is insured by a government agency. When you are considering refinancing, you should know that you have already done the hard part by getting the loan the first time. The refinance is a much easier process. As long as you have an existing FHA loan, and you have been making your mortgage payments on time, you should qualify. If you do NOT have an FHA loan, you can apply for a non-FHA refinance.

2) Things you don't need
Much of the difficulty in obtaining a loan of any sort is all of the paperwork that you have to collect so that the lender can make a decision. With a Refinance, you DO NOT need to qualify, there is NO need for an appraisal unless you want to wrap the cost of closing into the loan. You DO NOT need great credit for a Refinance, there's NO income verification, NO asset verification, and you usually don't need any cash for closing!

3) Things you will need
When you go to get your Hard Money Refinance loan, you'll need a few things to make the process go smoothly. You'll need your note from your existing loan, your home insurance information, and something with your Social Security number. To complete the Refinance loan, you'll need page one of your loan application, and your current coupon or payment book for your home.

4) Requirements
Although the Refinance loan is very easy, there are some requirements. The lender will look to see if you have been making your current payments on time. They will also look to see if you have already paid 6 months or more on the current loan. One of the requirements of an FHA Refinance is that you occupy the home that you wish to refinance with the FHA Refinance.