August 20, 2019

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Articles in Category: Streamline Refinance

Who Can Apply For An FHA Reverse Mortgage?

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...

 
You Are Not Ready For An FHA Home Loan If...

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...

 
Four Questions About FHA Home Loans

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...

 
The New FHA Condo Rules

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...

 
FHA Home Loan Tips

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...

 
How Job Changes Affect Your Mortgage Loan Application

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...

 
What are my FHA refinance loan options?

What Is An FHA Refinance Loan?

What is an FHA refinance loan? Do you know all your refinance options under the FHA loan program? There’s more than one way to refinance a home and the refi option you choose depends a lot on your financial needs and goals. You may find that refinancing into an FHA mortgage brings a lower interest rate, lower monthly payments, or cash back to you depending on the transaction. FHA Refinance Loan Basics FHA refinance loans are loans for those who own an existing property and want to take out a new loan that is secured by that property. Whether you have a home purchased with a conventional mortgage, VA, FHA, USDA, or other non-FHA mortgage, your FHA refinance loan options will include cash-back-to-the-borrower type refinance loans or no-cash-out FHA refinancing. | more...

 
Happy New Year 2018

FHA Streamline Refinance Loan Requirements

FHA Streamline Refinance Loan requirements include having a tangible benefit to the borrower in the form of a lower interest rate, a lower monthly payment, shorter mortgage term, and/or refinancing into a fixed rate loan from an FHA adjustable rate mortgage. But there are other requirements for streamline refi loans above and beyond the “tangible benefit” rules. Did you know that FHA streamline loans have “seasoning” rules, too? Seasoning in this case means how long the borrower has been paying on the existing FHA home loan before the assignment of a new FHA loan case number for the refinance transaction. How long do you have to own your home before you can refinance with an FHA Streamline? HUD 4000.1, the FHA single family home loan handbook, states that on the | more...

 
Myths About Home Loans and Credit

FHA Streamline Refinance Benefits

FHA Streamline Refinance rules state that in order for the loan to be approved, the lender must determine that the refinance loan has some type of actual benefit to the borrower. What are the benefits of FHA Streamline refi loans and which one is right for you? FHA Refinance Basics FHA refinancing is usually for either existing FHA mortgages or non-FHA mortgages. However, for FHA Streamline Refinance loan transactions, only existing FHA mortgage loans are allowed. FHA refinancing requires a new credit check and appraisal for any transaction that features cash back to the borrower above and beyond refunds of money paid up front for items that wind up being financed into the mortgage loan. However, FHA Streamline loans don’t allow money back to the borrower, so there’s no FHA-required | more...