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FHA Streamline Refinance Under 620 FICO
Posted by: | CommentsThe FHA Streamline Company continues to offer low FICO FHA refinance loans with loan approvals for borrowers below a 620 FICO. If you already have a FHA mortgage, consider our streamline loan that automates the mortgage refinance process while reducing the lender costs.
FHA Streamline Program
- Must use new guidelines regardless of case number date
- VOM for 12 months – 0×30
- VOD to verify funds to close
- No Credit Score Pulled
- No FICO Requirement
- No AVM
- Manufactured Home Allowed
The FHA Streamline Company has been originating and processing FHA loans since 1995. We are one of the volume FHA lenders in California and continue to offer the widest variety of FHA home loans! Choose from the FHA 203k loan, Streamlines, FHA jumbo, cash out refinancing and more.
Our company is one of the last FHA lenders designated to do FHA Manual Underwrites, because HUD rewards our loan portfolio. Presently, the FHA Streamline Company is originating FHA loans in all 50 states.
FHA Loan Reserves Get Low
Posted by: | CommentsToday FHA insures 685 billion in mortgage liens. The US Congress mandates that Federal Housing Administration uphold cash reserve requirements which are equal to two percent of this amount. The existing FHA reserves total approximately a half percent which equates to$3.6 billion. The subprime lending crash in 2006 and last year’s government bailouts of mortgage giant’s Fannie Mae and Freddie Mac have polarized the FHA loan program and made the FHA mortgage lending products more vulnerable. Will FHA need a bailout package from Congress?
What is a FHA Streamline Loan?
Posted by: | CommentsWhat is a FHA streamline loan? The streamline refinance is the same as the regular FHA refinance, just less paperwork. While this may sound like a selling gag, it can save you a good chunk of closing costs. In most cases the FHA mortgage lender will waive the appraisal.
To qualify for a FHA streamline refinance, you must already have an FHA loan that you have made at least six payments on. And you cannot be currently delinquent. The focus of this type of refinance is to lower your monthly payments. These loans require that, if you have a current fixed rate and want to get fixed rate financing, then your new monthly payments must be at least five percent lower than your current one. If you have an ARM and would like to refinance to a fixed, or another combination, your mortgage professional will be able to provide more information.
A FHA streamline refinance is a great way to lower your monthly payments while FHA mortgage rates are still low. There are two options for refinance in this situation. Some companies will offer a “no cost” option that means you will have no out of pocket expenses. The catch is that your interest rate may be a bit higher. The other option is to wrap the costs into the mortgage amount. Your payment may be a bit higher though, and you must have equity to cover it. Discuss both options with your mortgage lender and see which one is for you.
Sandy recommends learning more about FHA Mortgage products online. He suggests comparing FHA lenders and verifying their experience processing FHA loans. Article Source: http://EzineArticles.com/?expert=Sandy_Sarconi