FHA Streamline Refinance - What You Need To Know
Posted by Joe Peters in Uncategorized, tags: business, fha, fha streamline refinance, finance, loans, mortgage, real estate, refinance, UncategorizedThe FHA Streamline Refinance program is one of the many options available to homeowners. Programs like this will help you be able to afford your monthly mortgage payments so that you can keep your home. Your local mortgage broker will be able to help you find refinance your mortgage with ease.
A lot of people have already benefited from FHA streamline refinance loans because it has been around since the 80s. This allows homeowners to consolidate their mortgage payments and arrange for more affordable payment terms.
The Federal Housing Administration or the FHA has several certified lenders that will assist you in the process. You can even get financial assistance when refinancing. Among the things included in the FHA guidelines for refinancing are income and collateral.
The guidelines are flexible, if you need to know. But these depend on compensating factors like low debt to income ratio and low loan-to-value ratio. This is a good option for people who are also at risk for credit default.
FHA loans, just like any other loans, are given to eligible borrowers with good credit scores. But it doesn’t mean those without a good credit standing can’t qualify. FHA will still allow such people to get approved as long as they have not filed any declaration of bankruptcy in the last five years since the application.
Some technical requirements for an FHA loan include a verification of the mortgage payment history for the last 12 months (or the length of time the mortgage has been held). HUD’s Credit Alert Interactive Voice Response System (CAIVRS) need not be checked, but a check of HUD’s Limited Denial of Participation (LDP) and General Services Administration (GSA) exclusion lists. Also, a termite report is not a requirement under the FHA guidelines.
The eligibility for an FHA loan may be broader than you think. This is why we always suggest you consult with your local certified mortgage broker to get a good idea of where you stand as far as the timelines for application, and waiting period are concerned.
Who knows, you could be one of the many people who have benefited from the FHA streamline refinance program.
Have you been trying to find the best Utah mortgage broker to help you secure your next mortgage? We can help you with any types of home loan including a Utah FHA streamline refinance! Visit our site right now to check our rates and to get started!
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