If there’s one thing that anyone can say about the FHA streamline application, is that it’s fast and simple! The streamline program is only for borrowers that currently have an FHA loan and that simply want to refinance to lower their rate or change their loan in a beneficial way. You can’t take money out of your home’s equity and you don’t have to verify very much information, so the application process is simplified. Looking for Current Mortgage Interest Rates? Click Here. Completing the … [Read more...]
Are You Entitled to an UFMIP Refund When Streamline Refinancing?
The FHA said the upfront portion of the mortgage insurance premium (UFMIP) paid is not refundable. But there is an exception to this rule: when you refinance into another FHA mortgage. This UFMIP refund is very beneficial because it reduces the UFMIP on your new loan, lowering your base loan amount and your monthly payment in turn. Get help with your mortgage refinance.» UFMIP Refund When Refinancing If you are an existing FHA homeowner and refinancing into another FHA loan through a … [Read more...]
Is an FHA Cash-Out Refinance Possible?
We all know that it is possible to refinance through FHA. What we’d like to know is if a cash-out refinance is allowed. Is it possible to turn a part of your equity into cash through FHA refinance? There are two types of FHA Refinance: through (1) FHA Streamline Refinance, and through (2) FHA Cash-out Refinance. So, the answer is a definite yes. FHA Streamline Refinance is HUD’s way to make refinancing quicker by waiving off certain documentation requirements. This program helps decrease the … [Read more...]
FHA Streamline Refinance’s Credit and Non-Credit Qualifying Options
The FHA Streamline Refinance does away with the usual voluminous documentation accompanying any refinancing transaction. And this streamline refinance program comes in two options: credit and non-credit qualifying. Let’s find out about their differences and similarities, and their overall implication to you should you choose either option. Do you qualify for an FHA streamline refinance?» Credit and Non-Credit Qualifying Guidelines Definition Non-Credit Qualifying This option does not … [Read more...]
Is an FHA Streamline Refinance Loan the Right Choice for You?
Buying a house is a big step. For many, that first home is the realization of a dream. It requires much thought primarily because it involves a lot of money. If you need financing to afford a home, that means making a long-term commitment to pay off the sum you borrowed. For most loan types, that’s a good 30 years down the road. Fortunately, some loan programs administered by federal agencies account for positive changes in a borrower’s financial status. In this article, we’ll be putting the … [Read more...]
FHA Streamline Refinance: Loan Program Information
FEATURED IN THIS ARTICLE: What is an FHA Streamline Refinance? What are the Qualifications? Using an FHA Streamline with or without an Appraisal FHA Streamline Refinance Quotes What is an FHA Streamline Refinance? The FHA Streamline Refinance Program is a home loan program designed specifically for borrowers who already have an FHA Mortgage Loan. It is known to be one of the easiest ways to refinance your FHA Mortgage. Unlike other traditional refinancing options, an FHA … [Read more...]
New FHA Refinance Initiative Saves Homeowners Hundreds
With more than two million homes nationwide in some stage of foreclosure, the US housing industry is in desperate need of a change. Millions of homeowners are making extremely high mortgage payments each month on properties that cost more than they are actually worth. According to a Harvard housing study, housing wealth dropped 57% between 2006 and 2011, leaving millions with debts that are higher than the value of their properties and the likelihood of foreclosure a real threat. Luckily, the … [Read more...]
FHA Streamline: Recently Listed Properties
When considering an FHA streamline refinance, one of the things a lender will look at is whether the home has been on the market recently. Cash-Out refinances are not eligible until the property has been off the market and the listing canceled at least 180 days prior to the origination of the loan. A copy of the canceled listing must be in the file and a current multiple listing service search must be done to verify the property is not currently listed by a different agency. »Get … [Read more...]
Does Bank of America Do FHA Streamline Refinances?
Many people who are customers of Bank of America also have FHA loans and when rates go lower, they ask the question: Does Bank of America Do FHA Streamline Refinances? And the answer is "yes". Click here for a free FHA streamline mortgage quote. But that isn't really the answer that you may be looking for - the real answer is "yes, but so do a lot of other lenders and it is best for you to shop around in order to get the best deal on an FHA streamline. FHA Streamline Refinance: Not Just … [Read more...]
FHA Streamline Mortgage Refinance: No Debt To Income Ratio Needed
Normally, when you get a mortgage loan, the lender will calculate your total debt-to-income ratio - or in plain english, the amount of money you make each month divided by your total monthly bills. If your debt to income ratio is too high, you will not be able to qualify for a mortgage. One thing that many people are starting to do who have too much credit card debt is something called debt settlement, but when you do debt settlement, your credit score suffers - so that is not a solution to … [Read more...]