April 19, 2019

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Streamline Requirements

Can I Buy A Home With An FHA Mortgage After Foreclosure?

FHA Streamline Refinance Loan Rates

There are lots of online lending websites discussing interest rates for mortgage loans. But what do you need to know about FHA home loan interest rates and refinancing? If you want an FHA Streamline refinance loan, you will be applying for a refi loan that generally requires the transaction to have some tangible benefit to the borrower such as a lower monthly payment or a lower interest rate. When you shop around for lenders offering the best interest rates, remember that one very important factor applies; until you enter into a mortgage rate lock commitment with the lender, today’s interest rates will not apply to your loan. In other words, until you have a commitment in writing for the interest rate, daily and weekly rate fluctuations will apply. The mortgage | more...

 
FHA Cash-Out Refinance Loans For First-Time Home Buyers

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...

 
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...

 
Five Things To Know About FHA Mobile Home Loans

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...

 
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...

 
When Is An FHA Loan Better Than A Conventional Loan?

FHA Refinance Loans: Payoffs and Buyouts

We’ve been examining the ins and outs of FHA refinance loans in our last few posts, but one issue we haven’t discussed yet is whether an FHA refinance can be used to buy out an existing title holder, applied for as part of an FHA short refinance, or to pay off land contracts. HUD 4000.1 has a list of the rules in these areas. Where short payoffs are concerned, the rules are fairly simple: “The Mortgagee may approve a Rate and Term refinance where the maximum mortgage amount is insufficient to extinguish the existing mortgage debt, provided the existing Note holder writes off the amount of the indebtedness that cannot be refinanced into the new FHA-insured Mortgage.” Do you need to refinance your existing mortgage in order to buy out | more...

 

FHA Refinance Loan Basics You Should Know

If you have an existing home loan, you may be qualified to apply to refinance that loan with an FHA mortgage. This option can help you get cash out based on the value of your home, or it can help you get into lower mortgage payments depending on the type of loan you are eligible for. Which FHA refinance loan is right for you? FHA Cash-Out Refinancing Cash-out loans are for qualified borrowers with FHA or non-FHA mortgages. Cash out refinancing allows borrowers to get cash back when there is money left over after paying off the original mortgage, plus any applicable fees. Cash-out refinance loans guaranteed by the FHA require both a new credit check and appraisal. The new appraisal is required in order to determine the current market | more...

 
What Is A New Construction FHA Home Loan Compared To Existing Construction Loans?

FHA Streamline Refinance Loans: Some Basics

FHA refinance options for those who already have FHA mortgages include something know as the FHA Streamline Refinance. FHA Streamline Refinance loans allow FHA borrowers to apply for a refinance loan designed to lower monthly payments, interest rates (or both), get out of an adjustable rate mortgage, or refinance from one fixed-rate loan to another. Borrowers can also, according to FHA loan rules, refinance from one adjustable rate mortgage to another. The rules that govern FHA streamline refinance loans are found in HUD 4155.1, Chapter Six, Section B, which begins by explaining that FHA Streamline Refinances: “–are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage, and — must involve no cash back to the borrower, except for minor adjustments at closing that are not | more...

 

FHA Streamline Refinance Loans: Appraisal Required?

When you examine your streamline refinance options, it’s easy to get confused over the difference between lender requirements and FHA refinance loan standards. FHA Streamline Refinance Loans are intended for borrowers with existing FHA mortgages and can be done on any type of existing FHA loan–fixed rate, adjustable rate, graduated payment mortgage, etc. Some borrowers want to know if there is a new credit check or appraisal required. There is no short answer to this because while FHA loan rules do not demand a new appraisal, the lender may require one. The credit check issue also depends on a variety of circumstances including the type of refinance transaction (fixed rate to adjustable rate, for example) and how long the borrower has owned the property. FHA loan rule spell out some | more...

 

FHA Streamline Refinance Loans: A Reader Question

A reader asks, “When an applicant is applying for a refinance under the FHA Streamline and their spouse (co-borrower) has passed (died), does the remaining borrower need to show the six months of payment history before they can apply for a refinance without doing a credit qualification?” FHA loan rules for streamline refinance loans are found in HUD 4155.1 Chapter Six. Section C has a heading titled, “Seasoning Requirement For A Streamline Refinance” which addresses this reader question. It states: “On the date of FHA case number assignment, –the borrower must have made at least six payments on the FHA-insured mortgage being refinanced –at least six full months must have passed since the first payment due date of the refinanced mortgage, and –at least 210 days must have passed from | more...