User:LoanDepot
Finally, FHA Refinance loans can be used to LoanDepot Review refinance any non FHA loan to an FHA loan. If you have a conventional mortgage, you may be able to use the FHA refinance loan to refinance up to a LTV (Loan to Value) of 97.75% provided that they are not getting any money at closing or paying off anything other than existing mortgage(s). Also, for those unfamiliar with the term, a Loan-to-Value ratio expresses the amount of a first mortgage lien as a percentage of the total appraised value of real property. This allows for a significant loan if the borrower meets all the requirements.
FHA Refinance loans let homebuyers feel a sense of satisfaction for all they have invested into their property. These loans often give the homeowners the ability to send their child to college, take a much needed vacation, or even plan to invest in a larger house if necessary. More and more it seems homeowners everywhere are jumping on the band wagon and not making mortgage payments for many reasons.
Some of these reasons are not for good financial hardship reasons but simply people that are not taking responsibility for the choices they made although they are not in financial hardship that would cause them to stop making these payments. If you have stopped making your house payments or are thinking of stopping be sure you are doing it for the right reasons, not only to protect your own credit but to do the right thing and take responsibility for your own actions.
Many people have good sound reason to not make their payments, they have lost their jobs, become ill, a death of one of the homeowners or extreme unexpected medical bills. Not making payments simply because your homes value has gone down is not a good or sound reason. Not only will this ultimately effect your credit but people that do this are adding to the problem.
