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Understanding FHA Refinance Loans

Sponsored by the U.S. Department of Housing and Urban Development (HUD), FHA loans are government-backed home loans distributed by private lenders like Mutual of Omaha Mortgage. FHA Loans are often used to fund homes for first-time home buyers, who come to Mutual of Omaha Mortgage with short-lived or troubled credit history and smaller down payment goals. FHA loans are federally insured, meaning the buyer does not face steep down payment or PMI requirements relative to conventional loans. Mutual of Omaha Mortgage competes for the best interest rates available on each FHA loan application.

Why Choose FHA Refinance Home Loans?

FHA Refinance Plans from Mutual of Omaha Mortgage Our Bankers and Refinance experts at the Mutual of Omaha Mortgage Refinance Center are eager to help you refinance an existing FHA loan. Your Refinance expert will ask you to consider any existing home equity. If you have enough equity in your property, you may be eligible for a cash-out refinance on your FHA mortgage. Cash-out refinances are designed to buy out your current mortgage. By tapping into your equity, you may be able to get a free title to your home with a cash-out refinance on your FHA mortgage. There are more options, including an FHA streamline refinance, to help maximize your refinancing potential on your existing FHA mortgage.
Professional FHA Refinance Experts At Mutual of Omaha Mortgage, we pride ourselves on hiring knowledgeable mortgage experts to handle your unique refinance needs. We aim to give the most comprehensive FHA refinance experience in the business. Our dedication to helping you through every step of the process is unwavering. We want your FHA refinance loan to succeed. Whether you’re looking to shorten your loan duration or lower the rate, Mutual of Omaha Mortgage will always put our best foot forward on your FHA refinance.

Qualified FHA Refinance loan applicants who put down the minimum 3.5% payment save thousands at signing.

FHA Refinance Loans vs. Other Loan Products

FHA refinance loans come with several caveat's that make them unique when compared to other government-backed or traditional loans. Play with the table below to compare FHA refinance loans to other loan types!

Regulations and Fees

While the FHA loan is a federal program, the government generally does not make direct loans to applicants. Private lenders, including Mutual of Omaha Mortgage, finance the loan while the Federal Housing Administration with the Department of Housing and Urban Development (HUD) offer an insurance guaranty. This guaranty provides an incentive for private lenders to offer loans with better terms, and protects them in the event of a customer default.

Loan Limits
The basic standard mortgage limit for FHA insured loans is $314,827 and the high cost area limit is $726,525 after the 3.5% or 5%  minimum down payment. To find out the FHA Loan Limit in your area, reach out to a Mutual of Omaha Mortgage Banker today.

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