FHA Refinancing Texas

Get Started

FHA Loan Refinancing in Dallas, TX

FHA home loans are one of the easiest ways for first-time buyers in Texas to put their first foot forward on the proverbial property ladder. Just like with any mortgage, however, things like more favorable current interest rates and changes to our personal financial situations, can lead us to start thinking about refinancing at some point. Contact a mortgage professional now to begin the process of your FHA loan refinancing in Dallas.

Refinancing to Benefit from Lower FHA Mortgage Insurance

What many current FHA home loan holders aren’t aware of is that the monthly mortgage insurance was recently lowered. This could see you save up to $3000 annually if they choose to refinance. With the mortgage insurance lowered and a rate reduction, this loan type has capabilities to save you thousands a year!

Your FHA Streamline Refinancing

Are you one of the 1 in 3 FHA home loan holders who could stand to save up to $3000 per year on your mortgage insurance premiums? If so, FHA Streamline loan refinancing can help you do just this. This is because the Federal Housing Administration Streamline refinance program is designed specifically to cater for existing FHA home loan holders who stand to save by switching to lower current interest rates and/or more preferable mortgage insurance premiums.

With FHA Streamline, homeowners will usually be able to refinance without a home appraisal or personal credit check. What people looking to refinance need to keep in mind, however, is that there must be a financial net benefit when refinancing.

FHA Cash-Out Refinancing

The main drawback of FHA Streamline is that refinancing via the Federal Housing Administration Streamline refinance program will not allow homeowners to take cash-out from their properties. The good news, however, is that borrowers can get a cash out equity loan simply by applying for a conventional loan instead.

Other FHA Refinancing Options

One of the easiest ways to refinance after FHA Streamline involves switching from a current FHA loan to a new one via the FHA Simple Refinance Program. Like with FHA Streamline, however, homeowners will be prohibited from accessing any existing equity in their home. Moreover, unlike with FHA Streamline, the FHA Simple Refinance program will require a home to be appraised and lenders will usually want to see evidence of adequate income and good personal credit. A borrower recently divorced and needing to take the ex-spouse off the current loan may find this loan type beneficial.

FHA 203(k) Rehabilitation Refinancing

Is your home in need of significant repair or refurbishment? If so, while FHA 230(k) loans are most frequently used by people to buy distressed property which they plan on renovating, a 203(k) loan can also be used by people looking to refinance. When refinancing in this way, however, homeowners need to keep in mind that loan amounts need to reflect the true cost of any planned home renovations or improvements, as well as the cost of paying off their existing FHA home loan.

What They Say About Signature Lending Services

The team at Signature Lending were wonderful, outstanding, helpful and very respectful mortgage company. My experience with a prior servicer was terrible and I am glad I chose Signature Lending to help me on my purchase.

Amy Sanders

Mark has been very detailed, hardworking and knowledgeable throughout this whole process. My husband and I are expecting so we are very anxious to make sure our first home purchase is a positive experience. We appreciate Mark and his staff's superb effort and we have the fullest amount of faith in Signature Lending Services.

Mary Ann Kelly

The team at Signature Lending were wonderful, outstanding, helpful and very respectful mortgage company. My experience with a prior servicer was terrible and I am glad I chose Signature Lending to help me on my purchase.

Amy Sanders

Mark has been very detailed, hardworking and knowledgeable throughout this whole process. My husband and I are expecting so we are very anxious to make sure our first home purchase is a positive experience. We appreciate Mark and his staff's superb effort and we have the fullest amount of faith in Signature Lending Services.

Mary Ann Kelly