May 24, 2018

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Articles Tagged With: FHA Streamline Refinance

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...

 
How Much Can I Borrow With An FHA Mortgage In 2018?

How Can I Get Cash Back With An FHA Mortgage?

How can I get cash back with an FHA loan? It’s a question many want to know, especially those who might be interested in applying for “more” FHA loan than is needed to complete the transaction. Is getting cash back at closing time possible with an FHA mortgage? The answer depends greatly on the type of transaction you seek. Some loans do not allow any cash back except for refunds, others are designed to offer money to the borrower at closing time depending on the terms of the loan and other factors. FHA New Purchase Home Loans If you are asking the cash back question about FHA forward mortgages (loans used to buy a home on the housing market as opposed to a refinance loan or an FHA reverse mortgage), | more...

 
What Can I Add To My FHA Mortgage Loan?

When Can I Refinance An FHA Loan? FHA Short Refinance

In our last blog post, we discussed when a borrower is permitted to refinance a home loan using an FHA mortgage. But there’s one area not covered by the rules on refinancing with cash out or with no-cash out FHA refinancing. What about borrowers who are underwater on non-FHA mortgages, sitting in what in what is known by mortgage professionals as a “negative equity position”? Is there any help for these home owners? According to HUD 4000.1, the FHA loan handbook, there is a program called the FHA Short Refi, which “allows the Mortgagee to refinance a non FHA-insured Mortgage in which the Borrower is in a negative equity position”. That could be good news for some who badly need to get back on the road to building equity once | 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...

 
FHA loan requirements and your credit score

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...

 
FHA Loans For Houses, Condos, and Townhouses

How Do You Refinance An FHA Loan?

How do you refinance an FHA loan? There are some important questions to answer before getting to the actual application process-questions that can help you narrow down the right kind of FHA mortgage refinance loan for you. Examining Your Financial Goals and Needs FHA refinance loans come in a variety of types designed to fit different financial needs. Are you looking for a refinance loan that will lower your monthly mortgage payments? Do you need to take cash back on the refinance loan transaction? Depending on circumstances, those two issues may or may not be mutually exclusive. FHA refinance loans do offer the ability to get into a lower payment or interest rate, but getting cash back likely involves a different kind of FHA refinance loan. Deciding what result you | 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...