Rate and Term Refinancing with FHA

No cash back is allowed with FHA streamline loans and you must already have an FHA mortgage with your current 1st mortgage. You will enjoy the automated loan process that FHA streamline loans provide. Take a minute and find out how much you can save with a fixed FHA mortgage rate for 30-years.

FHA Streamline Refinance for the Lowest FHA Rates

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Sep
24

FHA Mortgage Companies Face Stricter Eligibility Requirements

By admin

In a recent report, HUD announced stricter net worth requirements for approved FHA mortgage lenders who are authorized to originate and close loans that are insured by the Federal Housing Administration.  There are new changes planned by the U.S. Department of Housing and Urban Development, but mortgage brokers maintained eligibility under the changes with liability on FHA loans they originate being shifted to approved FHA mortgagees.  This will apply to FHA mortgage companies offering FHA streamline, cash out, purchase and 203k loans.

Among the announced changes was a requirement that supervised mortgagees annually submit audited financial statements to ensure they are adequately capitalized.  HUD noted that the majority of FHA mortgage companies are already required to submit audited financials to regulators, investors and Fannie Mae and Freddie Mac.

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Categories : HUD News, Mortgage News

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