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

We are an FHA lending company that specializes in FHA streamline refinance loans. Our lending team understands the needs of FHA borrowers and how FHA streamline refinancing works, so you will get the best mortgage rate and great advice to maximize the FHA loan programs.

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Archive for FHA News

Nov
17

FHA Loan Reserves Get Low

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Today 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. Many people will look to FHA for first time home buyer programs. The sub-prime 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? Only time will tell, but the fact that they continue to have to raise mortgage insurance premiums is not a good sign.

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Nov
17

What is a FHA Streamline Loan?

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What 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

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Sep
24

FHA Streamline Refinance Guidelines Tighten

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The lack of reserves for FHA loans prompted changes to the HUD’s credit policy and the hiring of a new chief risk officer for FHA mortgage lending.  HUD announced they were reviewing an expected shortfall in the Federal Housing Administration’s capital reserve ratio.

Among the revised guidelines are new requirements for FHA streamline refinance loans.  The FHA Streamline product is an exclusive refinance option for borrowers who already have FHA mortgages and it can be used for rate and term refinance transactions only.

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