July 18, 2018

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Articles in Category: Streamline Refinance

Are You FHA Refinance Eligible?

Are You FHA Refinance Eligible?

Are you FHA refinance loan eligible? There are some very simple requirements refi loan applicants must meet in order to qualify for an FHA refinance loan. Do you know what they are? Factors That Affect Your FHA Refinance Loan Eligibility FHA refi loan eligibility may depend on a borrower’s FICO scores in some cases, along with the number of house payments you have made at application time. FHA minimum FICO scores include a range between 580 or better for maximum financing. Another factor in knowing if you are eligible for an FHA refinance loan is the kind of refinance loan you seek; FHA Cash-out Refinancing and FHA no Cash-Out refinance loans can be used for FHA or non-FHA loans alike. The same is true of FHA Rehab Loans processed as | more...

 
FHA home loan occupancy requirements

Streamline Refinance Loan Rules: Is Cash Back Permitted?

Do FHA Streamline Refinance Loans permit cash back to the borrower? Can you apply for “more” refinance loan than you need to pay off the original mortgage and take that cash at closing time? The FHA Streamline Refinance loan is for existing FHA mortgages; borrowers who have an FHA loan who want to refinance in order to get a financial benefit such as a lower payment, shorter loan term, or get out of an adjustable rate mortgage should consider this as an option. But is one of the financial benefits offered the ability to get cash back? FHA refinance loan options do include cash-out refinancing, intended for FHA and non-FHA loans alike. Let’s examine what the FHA loan handbook, HUD 4000.1, has to say about cash back to the borrower | more...

 
FHA Streamline Refinance Loans: Tangible Benefits

FHA Streamline Refinance Loans: Tangible Benefits

What are the tangible benefits of an FHA Streamline Refinance Loan? Believe it or not, that phrase is not just a clever way to say “Streamline refinance loans can help you lower your payments.” The phrase “tangible benefits” is found in the FHA loan handbook to describe an outcome of getting the loan. “Tangible benefits” means some distinct help for the FHA Streamline Refinance loan borrower in the form of a lower mortgage rate, a lower monthly payment, the ability to get into a fixed rate mortgage and out of an adjustable rate loan, etc. In most cases an FHA Streamline refi is meant to give the borrower one or more of these benefits. In fact, HUD 4000.1 has specific instructions to the lender on this issue; “The Mortgagee must | more...

 
The One Time Close Loan: VA, FHA, And USDA Options

FHA Streamline Refinance Loan Rules: Credit, Occupancy

FHA Streamline refinance loan rules for credit, occupancy, and more are found in HUD 4000.1, the FHA loan handbook. FHA Streamline refinancing is for borrowers who have existing FHA mortgages and want to apply to refinance into a lower mortgage rate, a lower monthly payment, or into a fixed rate FHA mortgage out of an adjustable rate FHA loan. FHA Streamline Refinance loans have no FHA-required credit check or appraisal. Your participating lender may require one anyway, but you’ll need to discuss those issues with a loan officer. The rules in HUD 4000.1 begin by stating what kinds of property can be refinanced with an FHA Streamline loan. “Streamline Refinances may be used for Principal Residences, HUD-approved Secondary Residences, or non-owner occupied Properties.” The lender is required to verify occupancy | more...

 
FHA Loans For Houses, Condos, and Townhouses

Should I Refinance My Home Loan With An FHA Mortgage?

Should I refinance my home with an FHA mortgage? There are several reasons why it’s good to consider your FHA options when it’s time to start planning a refi loan. I Want To Refinance To Get A Lower Interest Rate If you pay attention to online mortgage loan interest rate reports, you’ll see that in general FHA mortgage loan rates are lower than their conventional counterparts. The interest rate issue can be hard for some to understand because they see these rates compared side-by-side and assume those numbers are at or near what they will be offered if they applied at that moment. But interest rates are negotiated between the borrower and lender for FHA refinance loans, and a borrower’s credit plays a large part in determining what interest rates | more...

 
FHA Home Loans For Manufactured Housing Classified As Condo Projects

Can I Refinance A Conventional Mortgage To An FHA Loan?

Can I refinance a conventional mortgage to an FHA loan? It’s a very good question to ask, especially if you are interested in moving out of an adjustable rate mortgage into a fixed-rate loan. Do you know what your FHA home loan refinance options are? FHA Refinance Loans For Conventional To FHA It is possible to refinance a conventional mortgage to an FHA loan. According to the FHA loan handbook, HUD 4000.1, there are several options for FHA refinancing, including non-FHA to FHA transactions: “FHA insures several different types of refinance transactions: 1. Cash-out refinances are designed to pull equity out of the Property. 2. No cash-out refinances of FHA-insured and non FHA-insured Mortgages are designed to pay existing liens. These include: Rate and Term refinance, Simple Refinance, and Streamline | more...

 
What Is Undisclosed Debt?

What Is An FHA Streamline Refinance Loan? Part Two

We have been discussing the question, “What is an FHA Streamline Refinance loan?” In our previous blog post on this subject we discussed what FHA Streamline Refinance loans are, including the fact that they are intended only for FHA-to-FHA transactions only, and have no FHA-required credit check. FHA Streamline refinance loans also generally require the borrower to get a lower payment, lower interest rate, or get into a fixed rate loan from an adjustable rate mortgage. There are some exceptions to this which you can discuss with your lender. Those are some of the basics about what FHA Streamline refi loans are. But there is also a list of things that streamline refinances are NOT. These loans don’t permit the same things that FHA cash-out refinance loans do. FHA Streamline | more...

 
Can I Get A Second FHA Appraisal?

What Is An FHA Streamline Refinance Loan?

What is an FHA streamline refinance loan? This type of refinance loan option is intended for borrowers who have existing FHA mortgages and want to refinance into a lower interest rate or monthly payment. Streamline refinance loans allow the borrower to apply with no FHA-required appraisal or credit check. Your lender may require one or both, but the FHA allows the option to apply without such requirements. That’s a unique feature-FHA streamline refi loans allow the lender to use the borrower’s existing credit and appraisal data to approve the loan. This type of borrowing can be a major advantage for the home owner who has financial goals that include lower monthly payments. How Streamline Refinance Loans Work The FHA loan handbook, HUD 4000.1, describes streamline refinancing as follows: “Streamline Refinance | more...

 
Remodel Your Home With An FHA Rehab Loan

How Do You Refinance An FHA Loan? FHA Refi Options

How do you refinance an FHA loan? In our last blog post on this subject, we discussed the need to determine your financial needs and goals before examining the different types of FHA refinance loan options. Are you planning to stay in your home for the duration of the loan? Do you need to sell long before then? The answers to those questions will help determine which refi loan is right for you. But what ARE those options? FHA Cash-Out and No Cash Out Refinance Loans Borrowers who have existing FHA mortgages or even non-FHA home loans can refinance with either FHA Cash-Out refinancing or a no-cash version of the same. Cash out refinance loans permit the borrower to get money back on the transaction. Basically once your original mortgage | more...

 
When Is An FHA Loan Better Than A Conventional Loan?

When Is An FHA Loan Better Than A Conventional Loan? Refinancing Issues

When is an FHA loan better than a conventional loan? If you are exploring your refinance options, you may find your FHA loan options provide you with some unexpected flexibility. Refinancing Conventional To FHA Yes, FHA loan rules permit those who have existing conventional, VA, or other non-FHA mortgages to refinance them into an FHA loan using cash-out refinancing or no cash-out FHA refinancing. Borrowers will need to budget for a new appraisal for these FHA refinance loan transactions, and you’ll be required to do the usual credit and employment checks. Refinancing from a conventional loan to an FHA loan also includes flexibility where interest rates are concerned. Have you ever compared FHA fixed-rate mortgage loans with FHA adjustable rate mortgages (ARM loans)? For some borrowers, refinancing out of an | more...