There are several options you can take to refinance your home, but if you have an FHA mortgage, the best option would be through FHA streamline refinancing. Exclusive to FHA mortgage homeowners, the FHA streamline refinance program is quite similar to conventional loan products, but it has several advantages which these products do not have. Three of the most important benefits include: It does not require a home appraisal Probably the biggest advantage the FHA streamline refinance program … [Read more...]
FHA Streamline Mortgage: Minimum Credit Score Required?
Many people have been told that in order to qualify for the FHA streamline program, they need to now have a minimum credit score. This is kind of true... but kind of not. The truth is that FHA doesn't require a credit score to insure the loan -- but many lenders have made the decision to require that a borrower have a mid credit score of 620 or higher. Click Here for the Latest Loan Rates» What this means to you if you are currently shopping for an FHA streamline refinance is that you … [Read more...]
FHA Streamline Mortgage: Check Rates Often
Because the FHA streamline mortgage program is so easy to do, many times it may make sense to participate in the FHA streamline mortgage program more than once in a relatively short period of time. There are no time restrictions on how many times you can do an FHA streamline mortgage - only that it makes financial sense each time you do it. No matter where you live, you can check out interest rates on a daily basis. Sometimes Arizona mortgage rates will be different than California mortgage … [Read more...]
FHA Streamline Refinance: No Credit Score Required
As the credit crisis has tightened, many lenders have started requiring a certain credit score (580, 620, etc.) if you wanted to participate in the FHA streamline refinance program. Many lenders have... but at least one lender has not. You see - the FHA streamline refinance program was originally designed to allow people who are currently in an FHA loan to be able to lower their interest rate and get a new FHA loan with as little hassle as possible. This is where the term "streamline" comes … [Read more...]
FHA Streamline Program: Many Lenders Now Require Minimum Credit Scores
The FHA streamline program was designed so that people were in FHA loans could take advantage of lower interest rates when they were available without having to completely re-qualify for a new loan. This meant that there was no credit-score requirement for the FHA streamline program, the only thing that lenders required was a "verification of mortgage" where they could verify that you had made your last 12 months payments on time. Now, some lenders are changing this. Some lenders now … [Read more...]
FHA Streamline Mortgage: How Much Does It Cost To Lock Your Interest Rate?
When doing an FHA streamline mortgage, one of the criteria that you must meet in order to be eligible is that you must be putting yourself in a better financial situation - often times this means lowering your interest rate. During the application process for the FHA streamline mortgage program, one of the most important steps is when your loan officer actually "locks" your rate in with the lender - meaning that is the rate that you will be getting at the closing table for your FHA streamline … [Read more...]
FHA Streamline Mortgage: Is It Normal To Pay Fees When Doing an FHA Streamline?
FHA Streamline Mortgage: Are Fees Normal? Nobody works for free. Banks don't work for free, title companies don't work for free, the government doesn't work for free - and all of these entities are involved when you do an FHA streamline mortgage. The key when doing the FHA streamline mortgage is to know who is paying the fees that are associated the loan -- you or the lender. If you are paying, with the FHA streamline mortgage, it is possible to be able to roll them into your loan so that … [Read more...]