The New Fha Streamline Refinance

Changes to FHA Streamline Refinance To Benefit Borrowers

If you’re underwater due to a non-FHA second mortgage on top of your FHA home loan – for example, a home equity loan or home equity line of credit (HELOC) – you’ll need to pay off the balance on that loan before you can get an FHA streamlined refinance. You won’t be able to fold it into the new FHA mortgage. Theoretically, you might be able to get the second mortgage resubordinated to the new FHA loan, but that process is pretty much incompatible with a streamline refinance. Still the lender’s call Although the FHA has pretty generous guidelines for refinancing its own loans, it’s still the lender’s call on whether to refinance or not. Lenders will have their own fees for refinancing any loan, which will vary from lender to lender, and some may even refuse to refinance a mortgage even if it meets FHA requirements.
Full original article: The New FHA Streamline Refinance

If you’re underwater due to a non-FHA second mortgage on top of your FHA home loan – for example, a home equity loan or home equity line of credit (HELOC) – you’ll need to pay off the balance on that loan before you can get an FHA streamlined refinance. You won’t be able to fold it into the new FHA mortgage. Theoretically, you might be able to get the second mortgage resubordinated to the new FHA loan, but that process is pretty much incompatible with a streamline refinance. Still the lender’s call Although the FHA has pretty generous guidelines for refinancing its own loans, it’s still the lender’s call on whether to refinance or not. Lenders will have their own fees for refinancing any loan, which will vary from lender to lender, and some may even refuse to refinance a mortgage even if it meets FHA requirements.
Full original article: The New FHA Streamline Refinance

The New FHA Streamline Refinance

Current FHA 30 year fixed mortgage rates are at 3.250%. The average savings is estimated to be approximately $3,000 per year or $250 per month according to HUD. Since FHA is consumer friendly and works with low to medium income families who want to become homeowners, it is only fitting that this would Construction FHA Loan become another strategy to support fha conventional loan responsible FHA borrowers who have been left out of the refinance circle. On the other end, it is another step towards helping the housing recovery that is still on the mend.
Full original article: Changes to FHA Streamline Refinance To Benefit Borrowers

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