Refinance Your Arizona Mortgage with a FHA Cash Out Refinance Loan
More Phoenix, Arizona borrowers are using the FHA refinance cash out mortgage to refinance their Phoenix AZ mortgage today because FHA allows you to refinance up to 85% of the appraised value of your home. That is at least 5% more than conventional refinance mortgage. By using the easy formula below, you can find out how much you can refinance:
Property value $400,000 x 85%=$340,000.
$340,000 – $100,000 loan balance=$240,000 cash out
With FHA cash out refinance, you have the flexibility to use your funds for a variety of reasons including home improvements, a vacation, medical bills, college tuition for your children, consolidating your debts even a second mortgage, or a large purchase.
Features
- Property must be owner occupied primary residence 1-4 units.
- Your current mortgage does not have to be a FHA mortgage, but you must not be in default.
- If you had a bankruptcy or foreclosure, you can refinance two years after the bankruptcy and three years after the foreclosure. With a conventional mortgage, you must wait three years after a bankruptcy discharge and four years after a foreclosure.
- A credit score of 640 is acceptable to most Phoenix lenders. (Check with your Arizona mortgage broker)
- Your monthly mortgage payment, which includes principal, interest, property taxes and property insurance (PITI) cannot exceed 31% of your monthly gross income.
- Your monthly debt cannot exceed 43% of your gross monthly income (this includes all your debt, i.e. mortgage payment, credit card debt, auto loans, and other loans).
What You Need?
You will need to complete an application and supply copies of your last two paycheck stubs, your last two year’s income tax returns and copies of your W-2’s or 1099’s to your lender for their review. If you are self-employed, you will need to sign a release for your lender to obtain the tax returns directly from the IRS. All borrowers must sign a credit report release. Obtaining a FHA cash out refinance is simple, quick and easy.
Right now everyone can use a little extra cash. FHA cash out refinance loans make it easier for you to obtain it. With tight lending guidelines on conventional mortgages, FHA allows more borrowers to qualify for a refinance loan. That’s why Scottsdale and surrounding area Phoenix borrowers are taking advantage of competitive Arizona mortgage rates and refinancing with FHA cash out refinance loans. For more information about FHA cash out refinance loans, contact your Arizona mortgage broker today.
January 1, 2010 by Eddie Knoell · Leave a Comment
"Loan Professional", the true definition of the title can be found in what Eddie Knoell will bring to the table for you and your clients. Personable, Organized, Ethical and overall a true passion for being able to help his clients turn a stressful time into a memorable moment. Eddie Knoell has over 10 years of experience in the financial industry and has never strayed away from his belief that helping his customers find their way home is the best gift he can give.
Eddie notes "Customer service is worth nothing if it lacks quality". This simple philosophy that Eddie has is what separates him from the rest. With exceptional customer service, consistent and accurate answers, Eddie will always be steadfast when it comes to putting your best interest first! For a true "Loan Profession" who truly understands and sees the whole picture for you and your family, call Eddie today to experience the difference.
