If you currently have a VA loan, you are eligible to refinance for very little money and it will not take a lot of time. In fact, it is one of the easiest programs out there, enabling you to get a lower interest rate and ultimately save money every month. If you have held back from refinancing because you know that refinancing is usually expensive and not always worth it, you need to learn the truth about the VA IRRRL program. Low Cost A refinance that does not cost much seems too good to … [Read more...]
VA Approved Condos
Condos are often the desired home type for veterans whether it is their first home or they know they will be moving in the near future. Paying the mortgage on a condo is often not much more than it would cost to rent it and you get the added benefit of the equity in the home when you start to pay it down. In order to use your veteran’s benefits on a condo, however, you have to look at VA approved condos. This does not mean that if a condo is not approved and you like it that you cannot purchase … [Read more...]
USDA Loan Facts
Are you aware of how USDA financing can help you? Do you even know how the program works? Following are the most common answers to questions about USDA loans to help you get started. What is a USDA Loan? The USDA loan is funding provided by a lender but insured by the government to purchase a home in a rural area. They are one of the least expensive programs on the market as they allow for no down payment and have flexible guidelines that allow for fewer interest rate adjustments. This … [Read more...]
Do You Qualify for an FHA Home Loan?
The FHA has many benefits for first time and repeat buyers that individuals can take advantage of. A few examples of these benefits are, the ability to purchase a new home with a low down payment and with a low credit score. Even borrowers who have a significantly lower debt-to-income ratio can take advantage of an FHA home loan. Borrowers can also enjoy less stringent guidelines and requirements when they choose to fund their home with an FHA home loan. These advantages are what make the FHA … [Read more...]
Getting through the Underwriting Process
After you have taken all the steps needed to apply for a home loan program, and even after you have received your pre-approval there are still more steps ahead of you in the loan process. Your lender isn’t the only one looking over all your loan paperwork, you will at some point throughout your loan process have to have your loan processed with an underwriter. If your application isn’t fully complete and if you forgot to cross a few “T’s” and dot a few “I’s” you may be walking out of there with … [Read more...]
Meeting the Requirements of the FHA Streamline Refinance
Refinancing does not always have to mean tons of paperwork and jumping through hoops to qualify. If you currently have an FHA loan and simply want to refinance into a lower interest rate, you can do so with very little work. Does that sound too good to be true? It’s possible with the FHA Streamline Refinance. As the name suggests, this program makes it possible to refinance with just a few requirements to meet, most of which a majority of FHA loan holders will be able to do. If you obtained your … [Read more...]
What’s the Minimum Credit Score for an FHA Streamline Refinance?
The FHA Streamline Refinance is the perfect program for borrowers that want to refinance strictly to get a lower interest rate. This program allows you to refinance from an FHA loan into another one with very little work, hence the name “streamline.” Just how much work is involved and how do you qualify? Let’s take a look. The minimum requirements for the FHA Streamline Refinance are much different than the qualifications for a standard FHA loan. Generally speaking, the FHA allows lenders to … [Read more...]
How to get an FHA Loan with Frequent Job Changes
If you have changed jobs more than a couple of times in the last 12 months, you might find that it is a bit harder to get a mortgage than you might have anticipated. Even if you have a high credit score, good income, low debt ratio, and plenty of reserves, that job instability can really hurt your chances at getting approved. The good news is that there are exceptions to the rule when it comes to applying for an FHA loan. If you have frequent job changes and proper proof to show why you did it, … [Read more...]
Poor Credit – You May be Eligible for the FHA Streamline Refinance
If you currently have an FHA loan, it might not matter what your credit is like right now if you want to refinance. Granted, the FHA Streamline Refinance will be your only choice, but if your main goal is to lower your interest rate to make your payment more affordable, this program does just that. The FHA makes it very easy for current FHA customers to refinance simply because it makes the payment more affordable. Basic FHA Streamline Refinance Requirements According to the FHA, you only have … [Read more...]
The Most Common FHA Streamline Refinance Questions
The FHA Streamline Refinance is a great way to lower your monthly payment on your FHA loan. The process, as the name suggests, is very streamlined, requiring very little from you as the borrower. If you obtained your original FHA loan when rates were higher than they are today, it is worth looking into the benefits of this lucrative loan program. Before you do, here are the answers to the most common questions regarding the streamlined process. Do I have to use the same lender? No, you do not … [Read more...]