If you have a current FHA loan, you may be eligible for the FHA Streamline Loan. This gives you the chance to refinance your loan in order to obtain a lower interest rate or better term. The requirements may vary by lender, but the FHA’s guidelines are rather simple, enabling many FHA borrowers to get approved to refinance their loan. Compare Offers from Several Mortgage Lenders. The entire process is very ‘streamlined’ and does not take long. Exactly how long it takes depends on the … [Read more...]
Should you Use a Streamline FHA Refinance to Remove MIP?
Mortgage insurance is a big part of the FHA program. When you took out your FHA loan, you paid an upfront mortgage insurance premium. You also pay the MIP each month with your mortgage payment. What if you want to remove MIP? Is it possible? If so, should you do so with the FHA Streamline Program? Compare Offers from Several Mortgage Lenders. The answer is two-fold. Yes, you can remove mortgage insurance premium, but you cannot do it with the streamline program. If you were to refinance … [Read more...]
Does HUD Owe You an FHA MIP Refund?
Certain FHA customers are owed an FHA MIP refund. Could you be one of them? It’s possible. If you took out an FHA loan between September 1, 1983 and December 4, 2004, keep reading. You may be able to get some of the money back that you paid if you paid your loan off any time after origination. This could mean via a refinance or even selling the home. Looking for Current Mortgage Interest Rates? Click Here. The FHA owes the refund to those that originated the loan and never received a … [Read more...]
FHA 203(K) Streamline Eligible Repairs and Improvements
If you want to buy a home that requires a little rehab work, you can with the FHA 203(K) streamline loan. The FHA provides borrowers of this loan with funds to buy and rehab the home. Keep in mind, the repairs and improvements must be minor. If you get too out of hand, you’ll need the full 203(K) loan which requires a lot more paperwork and has many more restrictions. Compare Offers from Several Mortgage Lenders. The FHA 203(K) streamline loan is the perfect option for cosmetic and … [Read more...]
What to Consider Before you Refinance Your Mortgage
Refinancing your mortgage might seem like a great idea, especially if you can get a lower rate. But, before you do it, consider the following factors. Understanding the full implication of a refinance will help you make the better decision. Compare Offers from Several Mortgage Lenders. Is it Worth It? The most important question to ask yourself is whether or not the refinance is worth it. In other words, what is your break-even point? This is when you start reaping the savings after taking … [Read more...]
Do you Need a Home Inspection for an FHA Streamline Refinance?
Refinancing without any verification of your credit, income, or the value of your home is possible with the FHA Streamline Refinance. All the FHA requires is a net tangible benefit for the refinance. What about an inspection, though? Does the FHA require it for the streamline refinance? Looking for Current Mortgage Interest Rates? Click Here. Luckily, the answer is ‘no.’ The FHA does not require an inspection or an appraisal for the streamline process. Why you Don’t Need an … [Read more...]
How to Add or Remove a Borrower With an FHA Streamline
The FHA Streamline loan allows current FHA borrowers to refinance their loan with very little verification. However, what happens if you need to add or remove borrowers from the loan? Can you still use the FHA Streamline loan? We look at the process below. Compare Offers from Several Mortgage Lenders. What is the FHA Streamline? First, let’s start with how the FHA Streamline loan works. Normally, you don’t have to verify your income, assets, house value, or credit score with this program. … [Read more...]
How to Get FHA Loans For Properties With PACE Loans
PACE loans help homeowners make clean energy changes to their home. They are an optional loan that provides funding for energy efficient changes, such as windows, insulation, solar panels, and energy efficient utilities. When the loan first started, it took first lien on a property. This meant a higher lien than the mortgage. Most loan providers, including the FHA, would not allow financing on these properties. However, this deterred homeowners from making energy efficient changes to their home. … [Read more...]
Is the FHA Streamline Loan a Low Doc Loan?
The low doc loan requires fewer documents than a standard loan. It’s usually offered by a subprime lender that will keep the loan on their books. However, the FHA streamline loan can be viewed as a similar type loan. There’s a catch though – it’s only for current FHA customers. If you have an FHA loan, read on to see how you can benefit from the FHA streamline program. What is the FHA Streamline Loan? Current FHA borrowers can refinance their FHA loan with little documentation. You don’t … [Read more...]
The Secret to Refinancing a Mortgage With No Closing Costs
Refinancing might make sense right now since rates continue to stay low. The downside, however, is how expensive it can be to refinance. What if you could refinance with no closing costs? Wouldn’t that be a dream come true? The good news is that you can refinance without paying closing costs. The bad news, though, is that it’s not always to your benefit to do so. Looking for Current Mortgage Interest Rates? Click Here. We discuss your options and their consequences below to help you … [Read more...]