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 Banks
If you have an FHA loan, chances are when interest rates go down you are searching for what banks do the FHA streamline refinance. Is there FHA streamline banks that specialize in helping people refinance their FHA loan using the FHA streamline program? Yes. FHA Streamline Banks: All Sizes The first thing to know about FHA streamline banks is that there are many different types of banks and lenders and they are all different sizes. They range from the biggest banks in the world to smaller … [Read more...]
Can You Do An FHA Streamline With 3 30 Day Late Payments?
The FHA Streamline refinance program is designed for FHA borrowers who are in "good standing" to be able to refinance their FHA mortgage with as little documentation as possible. One of the most popular questions about whether or not someone is eligible has to do with "how many late payments can someone have before they are not eligible for the FHA streamline refinance program?" And the answer is... It depends. It depends on the lender. It is possible that a loan officer at Lender A … [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 Refinance or Loan Modification – Which Is Better?
Many people are just starting to hear the term "loan modification" and wondering if it is a viable option to get into a better loan program. At the same time, many people who are in FHA loans are wondering if the FHA streamline refinance program will help them lower their interest rates and monthly mortgage payment. Which is better - a loan modification or the FHA streamline refinance? It depends. Each situation is a little bit different, but in general, I would say that it mostly … [Read more...]
FHA Streamline Refinance: To Qualify For A FHA Streamline Refinance, You Must See A Net Tangible Benefit
The FHA streamline refinance program is very popular right now - because interest rates are lower than they have been in recent years and more people are in FHA loans than in the past because of the elimination of other loan programs. In order to participate in the FHA streamline refinance program, there are 3 criteria that must be met: The property must be owner-occupied (no investment properties allowed) The borrower can't have more than 2 thirty-day late payments on their mortgage … [Read more...]
FHA Streamline Refinance: Can You Streamline A Second Mortgage?
The FHA streamline refinance program was designed to allow eligible FHA borrowers to take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan. Many people who currently have an FHA loan also have a second mortgage on their home and the second mortgage is not insured by FHA. FHA Streamline Refinance: Can You Streamline Your Second Mortgage? When doing an FHA streamline refinance on your first mortgage, if you have a second … [Read more...]
FHA Streamline Refinance: How Much Are Closing Costs?
Many people that we speak with regarding the FHA streamline refinance program ask "how much in closing costs should we expect?" and when people ask, our general answer is "it depends." FHA Streamline Refinance Closing Costs: With the FHA streamline refinance program, there are lender fees, title fees, possibly appraisal fees and other smaller fees such as the government recording fees. The sum total of these fees should be somewhere in the neighborhood of 2-3% of your loan … [Read more...]
FHA Streamline Refinance: Do Your Homework
Many people who are currently in an FHA loan are considering what is possible regarding an FHA streamline refinance. They are being told all kinds of things (I know because they are telling me what others are telling them...) and want to speak with someone who is an expert about the FHA streamline refinance program. FHA Streamline Refinance: What You Need To Know The FHA streamline refinance program is designed to allow eligible FHA borrowers to lower their interest rate with the easiest … [Read more...]
FHA Streamline Refinance: No Income Verification With The FHA Streamline Program
With the FHA streamline refinance, there is no income verification. You are able to participate in the FHA streamline refinance program as long as you meet 3 criteria. First, you must live in the property - the FHA streamline refinance program doesn't allow investment properties or second homes. Second, you can't have more than 2 thirty day late payments on your mortgage in the last 12 months. FHA wants to make sure that you have a good payment history. Third, FHA won't let you participate in … [Read more...]