Posts Tagged ‘fha refinance mortgage’

FHA Refinance Loans Requirement

Friday, January 9th, 2009

Some of the distinct advantages of FHA Refinance Loans over other loan types are:

Credit Flexibility
FHA refinance loan requirements are not really credit score driven, although it is helpful to have at least a 580 FICO score to obtain a quicker approval. Fantastic Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA refinance loan, as compared to a conforming loan, is fantastic interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA refinance loan interest rates are usually better than a conforming 30-Year Fixed loan.

Smaller Home Equity Requirements
FHA Refinance Loan requirements have as low as a 3% home equity requirement for refinance (5% for an FHA cash out refinance). Other refinance loan programs don’t allow this.

Streamlined Refinance and Assumable Loans
One of the most vital advantages of an FHA refinance is the ability for the loan to be assumed. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.

What factors determine if I am eligible for an FHA Refinance Loan?

To choose if you qualify for an FHA refinance home loan, we will look at:

Standard debt-to-income ratios are 31/43 for FHA refinance loans. Your credit history (this is vital, but FHA’s credit standards are flexible). To be eligible for FHA refinance loans, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your yucky monthly income (31% ratio). Additionally, to be eligible for an FHA refinance loan, you must:

Have a valid Social Security Number (SSN)

FHA Refinance Mortgage requirements do not require U.S. citizenship for eligibility. Must I re-qualify to refinance with an FHA Loan?

If you’re thinking about refinancing, you’ve already been through the mortgage qualification process when you qualified for a conventional, sub prime mortgage or FHA mortgage.  - If you already have an FHA loan and just want to lower your interest rate, you can use the FHA Streamline Refinance Program. With a FHA Streamline Refinance you don’t have to worry about documenting your income and employment. You will only need a valid social security number.

. -  If you’re refinancing a sub prime, conventional or any other non-FHA mortgage, or if you’re seeking to refinance other debts besides your current mortgage into the new loan, or if you’re looking to take cash out, you do have to credit-qualify. Can I get an FHA refinance loan after bankruptcy?

If you have been discharged from a Chapter 7 bankruptcy for two years or more, you are eligible to apply for an FHA refinance loan.

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FHA Streamline Refinance

Monday, December 22nd, 2008

The FHA has made a rate reduction program called the Streamline Refinance. This provides a way for current FHA homeowners to lower their interest rate with small or no out-of-pocket costs. These loans can also be made quicker and with less documentation than a typical loan.

“No Cost” Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.

How FHA Streamline Refinance work :
• Borrower’s original loan must already be an FHA insured loan.
• The refinance must lower the principal and interest payments of the previous mortgage payment.
• The mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Borrower must have had the FHA mortgage for 6 months.
• Borrower cannot receive any cash back.
• No income or employment verification – No pay stubs or W-2 forms – No termite report.
• Appraisal only required if rolling in the closing costs. Streamlines without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium, plus the new upfront MIP if it is to be financed in the mortgage.
• Any other liens must be subordinated to the FHA loan.
• Borrower must be up-to-date on any federal debts.

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