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...]
No FHA MIP Reduction in 2017
Not long after being sworn into office, President Trump undid the impending FHA premium cut.The reduction would have slashed 0.25% on the annual fee. The suspension was signed by the president right after his inauguration. The cut was announced by the outgoing HUD secretary Julian Castro earlier in January. This would mean around $500 savings from homes which cost $185,000. While that doesn’t sound like a huge deal of money, savings is still savings and every penny counts. This … [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...]
FHA Streamline Offers Lower Monthly Payments
Many people who have gotten FHA mortgage loans in the last couple of years are not aware of one of the best mortgage interest rate reduction programs available today. If you currently have an FHA mortgage and are current, you can refinance your home with a principal and interest amount lower than your existing FHA home loan you already qualify for. The program is called the FHA streamline program. Where Are FHA Streamline Loans Offered? This program is available nationwide for borrowers who … [Read more...]
Useful Information On FHA Mortgage Refinance Options And Eligibility
Homeowners who have FHA mortgages in place may be interested in refinancing their property in order to improve their overall financial picture. The FHA's Streamline Refinance is a product designed for individuals in precise that situation. Those with Fannie Mae or Freddie Mac conventional mortgages are ineligible for this type of refinancing option. The Streamline Refinance from FHA is among the quickest, easiest methods for FHA homeowners to take control and improve the terms under which their … [Read more...]
No Appraisal Required FHA Streamline Refinance
Each lender seems to have different "rules" (lenders call them overlays) for the FHA streamline refinance program. Some lenders will require an appraisal, some will require an appraisal only in certain situations and some won't require an appraisal at all. Here is an outline of what at least one lender is now requiring for all FHA streamline products according to an announcement made by the lender today. To Look for FHA-Approved Lenders, Click Here» Current FHA Streamline Requirements … [Read more...]
Free Refinance: Is The FHA Streamline Refinance Free?
Many people wonder if there is such a thing as a "no cost FHA streamline refinance" or a "free FHA streamline refinance". The good news is yes, there is a "free" FHA streamline refinance ... kind of. The FHA streamline refinance program offers a choice for people who are interested in it to accept a slightly higher interest rate in exchange for a lender covering all of their closing costs associated with the transaction. Does That Mean It Is Free? Just because you might not pay any closing … [Read more...]
FHA Refinancing: Has Your Property Recently Been Listed On The MLS
One of the common questions we get from time to time is: If my property has recently been listed for sale, can I still do an FHA streamline refinance? Here are some of the guidelines that you might expect to hear from your lender: Rate/term refinance must be off the market 30 days or more before the date of the loan application. Cash-out transactions for recently listed properties require 180 days off market before the loan application can be executed. Click Here For the Latest Rate … [Read more...]