When you do an FHA streamline refinance, there must be something in it for you. This is called the net tangible benefit which is “a reduced combined rate, a reduced term or a change from an ARM to a fixed rate mortgage that results in a financial benefit to the borrower.” The showing of a net tangible benefit is an important, indispensable element in any FHA streamline refinance. Get in touch with a lender here.» Reduction in Combined Rate For starters, the lender is tasked to determine if … [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: 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...]