View Loan Assumptions
Rates subject to change without notice
Most Florida Counties FHA Loan Limit for 2023 is $472,030 | Monroe County FHA Loan Limits are higher at $847,000
The Federal Housing Administration sets FHA loan limits on an annual basis.
Check to See your Florida FHA Loan Limit here
Florida FHA Loan Refinance
FHA has two types of programs available to refinance. The first Is the popular FHA Streamline Refinance , this is designed for homeowners who already have an FHA loan and want to lower their monthly mortgage payments, reduce their interest rate, or change the terms of their loan without going through a full refinance process. This program requires less documentation and paperwork, making it a faster and more convenient option for homeowners who want to refinance their FHA loan. The maximum loan to value for the FHA Streamline Refinance is 97.5%
The second is the FHA Cash-Out Refinance loan is designed for homeowners who want to tap into their home equity and receive cash in hand. This loan allows homeowners to refinance their current mortgage with a larger loan, taking the difference in cash. The cash can be used for any purpose, such as home improvements, debt consolidation, or other expenses.
It’s important to note that with an FHA Cash-Out Refinance loan, the closing costs and mortgage rates are higher compared to an FHA Streamline Refinance. Additionally, the loan-to-value (LTV) ratio for the FHA Cash-Out Refinance loan is capped at 80%, so you need to have at least 20% equity in your home to be eligible for this type of loan.
When your ready to get started on your FHA Refinance, we are FHA Loan Refinance Experts to guide you through the entire process, the first step is getting you pre-approved. You can apply online or you prefer to speak with one of our FHA Mortgage Experts, we would be happy to speak with you. Call or text us at 407-955-4575.
Refinancing your mortgage is a great way to use the equity you have in your investment property. With a cash-out refinance, you refinance for a higher loan amount than what you owe and pocket the difference. Any proceeds you receive are tax-free.
Many homeowners use cash from their home to pay off high-interest credit card debt and student loan debt. You can also take cash out to finance home improvements, education or whatever you need. Since mortgage interest rates are typically lower than interest rates on other debts, a cash-out refinance can be a great way to consolidate or pay off debt. Additionally, mortgage interest is tax-deductible, but the interest on other debts usually isn’t.
You may be able to take cash from your home if you’ve been paying on the loan long enough to build equity. Additionally, you may be able to do a cash-out refinance if your property value has increased; a higher value on your home means your lender can give you more money to finance it.
A lower mortgage payment means more room in your budget for other things. There are a few ways you can lower your payment by refinancing.
First, you may be able to refinance with a lower rate. If rates now are lower than they were when you bought your home, it’s worth talking to your lender to see what your interest rate could be. Getting a lower rate means lowering the interest portion of your monthly payment – and big interest savings in the long run.
Second, you can get a lower payment by changing your mortgage term. Lengthening your term stretches out your payments over more years, which makes each payment smaller.
There may be other ways you can get a lower payment, so it’s always worth checking with your lender to see how they can help you get a payment that fits your current budget.
Shortening your mortgage term is a great way to save money on interest. Often, shortening your term means you’ll receive a better interest rate. A better interest rate and fewer years of payments mean big interest savings in the long run.
So how does this work? Let’s look at an example. Say your loan amount is $200,000. If you got a 30-year loan with a 3.5% interest rate, you would pay approximately $123,000 in interest over the life of the loan. However, if you cut your term in half, you would pay about $57,000 in interest over the life of the loan. That’s a difference of $66,000 – and it doesn’t even account for the fact that the shorter term would provide you with a lower interest rate (and more savings).
An important thing to know about shortening your term is that it may increase your monthly mortgage payment. However, less of your payment will go toward interest, and more of it will go toward paying down your loan balance. This allows you to build equity and pay off your home faster.