FHA Mortgage Refinance Florida – FHA Home Refinance Florida
If you have less than perfect credit or a high interest rate, then FHA mortgage refinancing your current adjustable-rate mortgage (ARM) with an FHA mortgage is a great option. You can secure either a 15 or 30-year fixed FHA mortgage with a lower interest rate. FHA mortgage loans are easier to qualify for and offer more flexibility than conventional loans. If you are looking for a Chapter 13 bankruptcy refinance, or what some consider a bad credit mortgage, you may still qualify for an FHA mortgage refinance in Florida. You can also cash out equity to pay off high-interest debt, make home improvements, or pay any other expenses.
Florida FHA mortgage Interest rates have decreased in recent months. Florida homeowners who have purchased a home during the past few years may want to explore their options for FHA mortgage refinance into a lower interest FHA mortgage rate. FHA mortgage have lowered their interest rates over the past few months.
Recent Changes To Help Florida Homeowners FHA announced that the monthly FHA mortgage insurance costs (PMI) is going to be reduced. This is not only great news for new home buyers purchasing with FHA financing, but also wonderful news for existing FHA mortgage holders that pay higher mortgage insurance costs each month.
Florida FHA Mortgage financing 96.5% with a 30-year fixed term and a loan amount of $300,000
Previous MIP Rate: $400,000 x .85 = $3400 per year or $283.33 per month
New MIP Rate: $400,000 x .55 =$2200 per year or $183.33 per month
In this example, the Florida homebuyer will save $1200 per year or $100.00 per month on their payment.
If you acquired an FHA mortgage in years past, you could be paying the higher FHA MIP rate of .85% – .55%. Please contact us to see if an FHA mortgage refinance with the new. FHA MIP makes sense for you. This means qualified Florida homeowners may be able to lower their interest rate at the same time, this process should increase their monthly savings even more. Below, we have included more FHA mortgage refinance options.
Florida FHA Mortgage Refinance Options
- FHA Mortgage Cashout Refinance – A cash-out FHA refi is perfect for the homeowner who would like to access the equity in their home. The FHA loan program is beneficial to homeowners whose property has increased in value since it was purchased. As of 2025, you can access up to 80% of your home’s value (Loan to Value) and use the money to pay off higher-interest debt like credit cards. Or use the money for needed home improvements, etc.
- FHA Mortgage Rate And Term Refinance – The FHA Rate/Term Refinance is for U.S. homeowners who currently have a conventional fixed rate or ARM mortgage and wish to refinance into a lower interest rate. Remember, you do NOT have to currently have an FHA home loan to refinance into one. The FHA rate/term refinance program helps borrowers who wish to have a secure FHA-insured fixed-rate mortgage.
- FHA Mortgage Lenders Streamline Refinance- Florida FHA mortgage Lenders allow borrowers to streamline refinance their current FHA mortgage to lower the interest rate, and or convert a current FHA adjustable-rate mortgage into a fixed rate. A Streamline loan can be performed quickly and easily without the requirement for an appraisal..FHA streamline refinance requires less paperwork than a normal refinance and often no appraisal, no qualifying debt ratios, or income verification. The current home loan to value or “LTV” is not considered. So if your FHA mortgage is underwater, this program could lower your monthly mortgage payments.FHA Mortgage Loan Limits And Details
The maximum FHA mortgage loan amount allowed for an FHA Refinance loan limit greatly depends on where your Florida home is located. Florida FHA mortgage lenders have to abide by the maximum FHA allowable limit based on the county/location of your home.
For example, Broward, Miami, and Palm Beach are 654,350, but most other Florida counties like Gainesville, Panama City, Palmbay, Punta Gorda, Homosassa, Jacksonville, Lake City, Tallahassee, Gainsville, Clewiston, Tampa, St Petersburg, Clearwater Tampa is $524,225. Please click here to look up your Florida FHA loan limit.
The maximum FHA mortgage amount for an FHA Rate/Term Mortgage Refinance (No Cash-Out) or FHA Streamline Refinance (No Cash-Out) is 96.5% of the FHA appraised value of the home or its selling price, whichever is lower. FHA FHA cashout refinancing, the maximum cashout mortgage refinance is 80% of the FHA appraised value.
How long does an FHA mortgage refinance take?
Usually, an FHA mortgage refinance can close within 30 days, assuming no major issues like appraisal, repairs, or title issues.
