RIHousing Refinance Options
RIHousing’s Loan Center offers refinance options for owner-occupied residential properties.
Not a RIHousing mortgage customer?
Please contact a RIHousing Participating Lender to learn more about our refinance products.
An FHA Cash-Out refinance allows homeowners to pay off the existing debt and withdraw equity from the property with the proceeds of the new mortgage.
This option is especially beneficial to homeowners whose property has increased in value since the home was purchased. To be eligible for an FHA cash-out refinance, borrowers will need at least 20% equity in the property based on the current market value.
No Cash Out
The FHA No Cash-Out refinance programs allow homeowners to pay off the existing debt on the property with the proceeds of a new mortgage.
FHA No Cash-Out Refinance Options
RATE AND TERM REFINANCE
No cash-out refinance: funds used to pay off an existing first mortgage on the subject property and closing costs associated with the loan.
Funds may also be applied to pay off subordinate/junior liens used to purchase the property.
No cash-out refinance in which funds are used to pay off an existing FHA-insured mortgage lien on the subject property and closing costs associated with the transaction.
Non-Credit Qualifying Streamline Refinance (Without Appraisal)
Streamline product: allows eligible homeowners to refinance their existing FHA loan to reduce their current monthly mortgage payment.
New loan can only include the outstanding principal balance minus any applicable refund of the Upfront Front Mortgage Insurance Premium (UFMIP) plus the new UFMIP.
Cash back to the borrower is not permitted, except for minor adjustments at closing that are not to exceed $500.
Limited Cash-Out Refinance
Transaction is used to pay off an existing first mortgage (including an existing Home Equity Line of Credit (HELOC) or Home Equity Loan in first-lien position) by obtaining a new first mortgage loan secured by the same property.
Only subordinate liens used to purchase the property may be paid off and included in the new mortgage.
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Begin the application process today.