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 HUD 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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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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Sep
24

FHA Mortgage Companies Face Stricter Eligibility Requirements

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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.

Categories : HUD News, Mortgage News
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