Eligibility

Refinance options tailored to meet your needs

Whether you’re looking to refinance your current VA loan using a VA Streamline Refinance (also referred to as an IRRRL), or improve your rate term on an existing loan, Mutual of Omaha Mortgage is ready to work with you. Our Refinance Experts are standing by to hear your refinance goals. We’ll be ready to present the refinancing options that will best suit what you have in mind.

What Refinancing Option Is Right For You?

First step: set your refinancing objectives What do you expect to get out of your refinance with Mutual of Omaha Mortgage? It’s important to take the first step toward achieving your goals. In this case, narrow the focus of what you hope to achieve with a Mutual of Omaha Mortgage refinance. Are you looking to lower your rate term on an existing mortgage package? Do you wish to tap into your home equity with a cash out refinance? Mutual of Omaha Mortgage offers several refinancing options. Step one is to be prepared with your refinancing objectives.
Comprehensive refinancing experience The Bankers in the Mutual of Omaha Mortgage Refinance Center are prepared to meet your call with plenty of refinancing experience. We are confident in the ability of our Bankers to find the proper refinancing option to fit your financial needs. In addition to the wealth of refinance knowledge, our Bankers are held to the highest professional standards. At the very least, we hope you’ll walk away from your experience with Mutual of Omaha Mortgage feeling confident with the refinance options presented to you. Even if it wasn’t meant to be, we hope your experience helped narrow your refinance objectives.

Get your refinance options today! Call 1-800-24-RATES to speak directly to a banker!

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!

What are the differences for a loan?
FHA Conventional
Who Qualifies

Any applicant who meets the minimum credit, income and employment requirements from the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).

Both VA and non-VA eligible applicants who exceed maximum USDA and FHA lending requirements with moderate-to-high income, moderate-to-high credit and strong employment history.
How to Qualify

Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification

Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification
Benefits
  • Low Interest
  • Low Costs
  • 3.5% Minimum Down Payment
  • Friendly to first-time buyers
  • Favorable Interest Rates
  • Affordable Costs
  • Avoid P.M.I. with 20% down or more
  • Flexible refinance options available
Available Housing
  • A property is subject to independent appraisal.
  • Must meet or exceed FHA housing requirements.
  • Cannot exceed county loan limits.
  • Property subject to independent appraisal.
  • Must meet Mutual of Omaha and loan qualifications
  • Can exceed county loan limits if necessary.
FHA USDA
Who Qualifies

Any applicant who meets the minimum credit, income and employment requirements from the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).

 

Applicants in rural areas who fall beneath the median income line of their respective county, and/or require a mortgage to renovate their home or live with a qualifying physical or mental limitation.
How to Qualify

Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification

 

Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification
Benefits
  • Low Interest
  • Low Costs
  • 3.5% Minimum Down Payment
  • Friendly to first-time buyers

 
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Must maintain property
  • Must demonstrate need
Available Housing
  • A property is subject to independent appraisal.
  • Must meet or exceed FHA housing requirements.
  • Cannot exceed county loan limits.
  • Property subject to safety guidelines.
  • Must fall at or beneath median income line in prospective county of residence.
  • Typically reserved for rural properties.
FHA VA Loan
Who Qualifies

Any applicant who meets the minimum credit, income and employment requirements from the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).

U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).
How to Qualify

Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification

Apply for a COE on your own, or ask Mutual of Omaha Mortgage to help with the process
Benefits
  • Low Interest
  • Low Costs
  • 3.5% Minimum Down Payment
  • Limited use
  • Cannot be restored
  • Low Interest
  • Low Costs
  • No Minimum Down Payment
  • Can be used forever
  • Can be restored
Available Housing
  • Property subject to independent appraisal.
  • Must meet FHA/HUD housing requirements.
  • Cannot exceed county loan limits.
  • Any property is subject to independent appraisal.
  • Must meet or exceed VA housing requirements.
  • Can exceed county loan limits.

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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