FHA Refinance?

[Anonymous]

I will need to talk with a mortgauge broker when time comes. However, i got a conventional mortgauge at subprime rate of 11%. (Pretty lousy fico then) I cannot refi for another year without, a penalty. ( 3- Year agreement). Does FHA do refi's? if i held a previous conventional? I read here FHA dosent care about fico. What rate then does one qualify for? My home was 100k. mort. What payment could i expect on a refi? I am on disability retirement. Pension & SSA, total 36k. year. Does this count as a job income? I am able to keep up ok. with current payment, but a lower one sure would be nice! Thanks.

[DallasLoanGuy]

yes, fha does refi

you will have to have 3% equity(97% financing) for it to work. for this reason, you may find it difficult to roll in closing costs

rates are in the mid 6% range. a little more for sub 580 scores.

fha isnt fico driven,

[Anonymous]

DallaslOANGUY, I am much releived to hear good news. I hope, like all of us home values will go up a little in the next year or so. I appreciate you, and everyone here freely giving of thier time, and expertise! I am much better off since i found this site. 11% can you imagine that? But i do thank them for the risk, and chance taken on me. Ill save money the next year or so, and be ready Thanks much.