FHA Loans for Refinancing in Utah | Integrity First Lending

FHA mortgage loans are ideal for buyers looking for a low down payment, lenient credit requirements, and less strict income requirements. Refinancing your current loan to an FHA loan could lower your monthly payments by lowering your rate, consolidating your debt, or removing mortgage insurance if you have enough equity.

What is an FHA mortgage loan?

FHA loans are mortgages that are backed by the Federal Housing Administration. Although this backing means that mortgage insurance is required on FHA loans, because lenders are protected they are able to offer lower interest rates and less strict requirements to qualify. Many first-time home buyers find FHA loans attractive for these reasons, although you don’t have to be a first-time home buyer to qualify.

There are several different ways that buyers can take advantage of FHA refinancing. Whether you currently have a different type of loan, or currently have an FHA loan, there may be benefits to this type of refinancing, such as a lower rate, less strict credit requirements, lower monthly payments, or cash out.

What can I qualify for?

FHA Rate and Term Refinance

If you currently have a type of mortgage other than an FHA mortgage, you may qualify to refinance to an FHA loan and receive a lower interest rate or a more beneficial term length. Buyers whose credit has recently taken a hit often opt for a FHA refinance because of the more lenient credit requirements. If you have a relatively low DTI (debt to income ratio), you could potentially refinance with a FICO score as low as 580.

If this type of refinance sounds like it might benefit you, speak with a loan officer to see what rates and requirements you may qualify for.

FHA Streamline Refinance

If you currently have an FHA mortgage already, you may be able to apply for an FHA Streamline refinance that would lower your monthly payments by offering a lower interest rate or lower mortgage insurance premiums. The typical mortgage insurance premium for an FHA Streamline is 0.55% of the total loan amount annually, and the upfront premium is only 0.01%.

It is important to note that in order to qualify for an FHA Streamline, you must be current on your loan. This means no 30-day late payments in the last six months, and only one in the last year!

If you may benefit from an FHA Streamline refinance, speak with a loan officer to see what rates, terms, and requirements you qualify for.

What can I qualify for?

FHA Cash-out Refinance

If you would like to get cash out from the equity of your home to consolidate debt or perform home improvements, you can do so with an FHA loan. If you do a cash-out refinance, FHA loans require you to leave at least 15% equity in your home. You will also be required to have full documentation of your income, employment verification, and asset sharing with this type of refinance.

Is an FHA refinance right for me?

FHA refinancing is ideal for many home buyers who want to take advantage of low rates and flexible financing options. If you meet the credit, income, and DTI requirements, you may benefit from this refinancing option. Our helpful team of loan officers at Integrity First Lending can help you decide if an FHA refinance is the best fit for you with an in person phone call and consultation.

Speak with a loan officer

What Our Clients Say About Us

“There is a lot of hype about what a great lending company such-and-such is, but I can tell you from my recent personal experience that Integrity First Lending refinanced my home within in 10 days with no hassle. And I mean NO HASSLE. The individuals working for this organization are both professional and, if I may add personally, the nicest people I have ever worked with. Words cannot express how happy my wife and are that we found Integrity First Lending and will unhesitatingly recommend them to anyone looking for an initial or refinanced home loan.”
Joe L.
“What a fantastic team to work with. The commitment and communication with clients are the best. You will be in good hands working with Integrity First Lending. Highly recommended!”
Mike M.
“This is our second time working with Integrity First. Both times we shopped around, checking for the best rates. Integrity had the lowest fees, lower even than the mortgage company who already held our loan. We received excellent customer care each time.”
Mica T.
“Very easy company to work with! Painless refinance process and fast closing!”
Cody W.
“Integrity First Lending is professional, helpful, and knowledgeable. They communicated clearly and regularly, so that I always knew what was happening. They responded promptly to my questions. The process went very smoothly because of their expertise. I highly recommend this team!”
Becky B.
“The Integrity First team epitomizes a "customer-first" attitude. The team's responsiveness and timely communication make them stand out above the rest.”
Bruce C.
“Integrity First has a great team on individuals who made our refinance quick and easy. We were able to do everything ok online through their portal right up until we closed with the title company.”
Alison D.