FHA-Loans-Information

In the early 1980’s, the FHA Streamline Refinance Program first made an appearance on the mortgage stage. Since its emergence, many FHA home owners have benefited from the program. It is again gaining popularity in the struggling economy.  If you are looking for ways to save money and reduced your monthly mortgage payments then you need to consider FHA mortgage refinancing.   

The FHA Streamline Refinance Program has four main qualifying factors.

1.  First, the mortgage that is to be refinanced must already be insured by the FHA.

2.  Secondly, the mortgage that is to be refinanced must be a current mortgage, it can not be a delinquent mortgage.

3.  Thirdly, the refinance must result in lowering the borrower’s monthly payment and interest rate.

4.  The final qualifying factor is that mortgages refinanced through the FHA Streamline Refinance Program can not have any cash taken out of them.

There are multiple advantages to the FHA Streamline Refinance Program.

The fact that the program is a “streamline” refinance brings forth advantages. With a streamline refinance, the borrower does not credit-qualify or document income or employment. All the borrower needs is a valid social security number.

The lender can often times lower the borrower’s interest rate without even ordering an appraisal. Without needing an appraisal, this can cut up to three weeks off the borrower’s waiting time and cut down on the amount of paperwork and underwriting required by the lender, both resulting in a quicker refinance and more money saved for the borrower.

Since the lender isn’t required to do an income verification, order an appraisal, and the fact that the FHA Streamline Refinance Program cuts out much underwriting for the lender, the borrower’s application often doesn’t need to be completed in person. Rather the borrower can save time through completing the application over the phone or through the internet.

Along with the previous mentioned benefits, after the FHA mortgage refinancing is complete, there are continued advantages for the borrower.

Those with good credit and little or no debt benefit even more from the FHA Streamline Refinance Program. Once their monthly payment and interest rate have been lowered, this allows the borrower to have money left over. This money can be used towards paying the house off in a more timely manor, completing improvements to the home that in turn increase the homes value, or other personal expenses.

What do you do if you don’t have good credit?  We all do not have good credit.  If your credit is less than perfect you still may be able to do a Poor Credit Refinance.  You can get more information on Poor Credit Refinance by clicking on the link at the bottom of this article.

FHA mortgage refinancing has many advantages that greatly benefit the borrower.  And with the FHA Streamline Refinance Program it could lower your monthly mortgage payments, save you money while being quick and easy to do!

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Even in this economy you can get help with FHA Mortgage Refinancing. In this economically hard time there is not an industry, person or private sector that has not been affected. Luckily, since the market downturn is so widespread there are factors in place that can help offset any problems if you qualify for them.  A FHA Loan Mortgage Refinance can save you money.

One such area that has great federal advantages to help you is if you are an individual who needs help making your mortgage payments. Interestingly enough this help has been around for before the economy nose dived but it is helping out people who need a little extra help in making their mortgage payments.  FHA Mortgage Refinancing can help you through this downturn in the economy and maybe even save your home from foreclosure.

If you are one of the not so lucky ones who are trying to pay off a mortgage that either had an annual adjustable interest rate or possibly you were locked into a high interest rate mortgage for other reasons then looking into FHA Loan Mortgage Refinance can help you lower those monthly mortgage bills.

Mortgage rates are currently still pretty low compared to what they were just a few years ago. If you see rates that are below 1 percent of your current mortgage and you plan on staying in your current place, if you can get the mortgage relief you need, for at least a number of years to make the refinancing closing costs pay for itself, then it is in you advantage to refinance. Especially with a federally insured mortgage, you can get a lower rate if you are in good standing on your current mortgage.

Which leads to the next point about an FHA mortgage. While most lenders are tightening their purse strings and making it close to impossible to get a loan, the FHA lenders are still trying to make it reasonable for anyone to get one. If your credit is less then the desired 700, you may still have a chance of getting qualified. The FHA Loan Mortgage Refinance can also help if you are low on a down-payment.

With the help of a lender to work with a below prime credit score and a low down-payment there is a drawback. You have to make sure that any current mortgage you are in is in good standing. The FHA mortgage loan is a great opportunity to get your current real estate purchase from becoming another statistic in this economy.

But if you already have a FHA mortgage loan then you are in the driver’s seat. FHA Mortgage Refinancing can not only save you money but it is must easier and quicker to refinance a FHA mortgage.  FHA streamline loan refinancing is must quicker because of the reduced paper work and it does not require an appraisal.

With the low interest rates FHA Mortgage Refinancing can save you money on your monthly mortgage payments or from foreclosure if you are struggling to make your mortgage payments.  You need to check with your lender to see if you can do a FHA Loan Mortgage Refinance.

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