The FHA streamline refinance lets you refinance your current FHA loan without all of the paperwork. You don’t have to prove that you have a certain credit score or that your debt ratio is a certain number. The FHA allows lenders to use the original qualifying factors to approve borrowers for this loan. However, just because you can skip out on the verifications for the loan, it doesn’t mean you don’t pay PMI. The FHA calls it Mortgage Insurance and everyone pays it for the life of their FHA … [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...]
Eliminate Mortgage Insurance with the FHA Streamline
The FHA Streamline Refinance has many benefits. The most obvious is the chance to lower your payment without a credit check or appraisal. A benefit you may not be aware of though is the opportunity to eliminate mortgage insurance. The date of your refinance will determine if this is actually the case for you. If it is not, do not worry, there are still ways to get rid of this insurance, which often becomes lifetime insurance for some borrowers. What is the FHA Streamline? The FHA Streamline … [Read more...]