Benefits and Information About the Fha Streamline Refinance Programs
For qualified borrowers, the FHA Streamline Refinance program’s benefits are very good. There are some restrictions involved in the loan product and who is qualified. If you have an FHA loan and want to improve your terms, it is worth talking to a FHA lender about the FHA
Streamline refinance program.
FHA Streamline Refinance program benefits
The FHA Streamline Refinance Program will developed in the 1980s to get borrowers access to a home mortgage refinance without dropping the security of an FHA loan. The FHA Streamline Refinance program gives you a faster way to refinance with less paperwork and better terms. Those aren’t the only benefits, however, the FHA Streamline Refinance helps borrowers is other ways, too:
* Lower interest rates, monthly payments and upfront costs
* No underwriting fees and out-of-pocket costs
* The option of lower terms from 30 to 15 years
* Closing costs that can be included in the loan
* Increased equity for the owner
The simplified FHA Streamline Refinance Program also helps on the administrative end, by cutting out paperwork, like:
* Less required information for the FHA Streamline Information
* Little paperwork
* Often no appraisal needed
* No information checks required for the FHA Streamline Refinance, like income or employment verification
This means the FHA Streamline benefits give you speed and efficiency the loan will be closed quicker and the saving will get to you sooner.
Restrictions and Requirements of the FHA Streamline Refinance Program
There are some minor requirements of the FHA Streamline Refinance you must meet in order to get the benefits of the FHA Streamline Refinance programs. These requirements for an FHA Streamline Refinance are similar to other refinance restrictions of typical programs. FHA Streamline Refinance provisions are actually far less than others. The
restrictions include:
* The loan must be in good standing, not in default and paid up to date
* The loan must be FHA insured and the refinance must result in lower payments and better terms for the borrower
One of the few drawbacks of the FHA Streamline Refinance is that borrower can not take cash out as a result of their refinance. Since many borrowers look at the FHA Streamline refinance as a place to get cash, many can be disappointed by their notice. However, with the FHA Streamline Refinance, borrowers may not be able to get cashout, but they improve their monthly payments and decrease their loan-to-value ratios. With such benefits, owners may get access to other credit in which to reach their cashout goals, while keeping a more manageable home loan.
Advice for getting an FHA Streamline Refinance
The best place for more information and advice for a FHA Streamline Refinance is a qualified and reputable FHA lender. An FHA lender can look at your current loan and how the FHA Streamline Refinance will benefit you. The way the FHA has made their Streamline Refinance program, you should benefit greatly. Get your FHA Streamline Refinance information, like what your current terms and payments are, and call an FHA lender to see what the FHA Streamline program will do for you.
Watch the video related to refinance programs
your favorite dvd, Youtube channel or online blog. Or Google “The Great Depression” and educate yourself about “deflation” to save your money and financial well being. It’s a mad world of conflicting opinions about oil and energy prices, billionaire wealth, billion dollar earnings and merger and acquisition news, and trillion dollar debts. Yesterday’s sell off followed by today’s rally on equities (despite the war on terror) leaves both buyers and sellers confused. What’s the big idea? …
Help answer the question about refinance programs
Is there a new refinance program that forgives negative equity and refinances the house at current value?I heard about some new government loan where if your home has dropped in value, the government will absorb the depreciation and refinance your house at its current market value. I just bought my first house in August of 2008 for $275,000 which was a foreclosure and the other foreclosed homes surrounding me are now being offered in the $240,000 range. So in 4 months I've already lost around $35,000 in value.
About Author
This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.
Tags: cash, consolidation, debt, home, loan, out, rate, reduction, refinance, streamline, va
Related Articles:
- FHA Streamline Refinance Program – Its benefits & information
- What is a Streamline Refinance?
- Home Modification And Refinance Program Changes
- Refinancing – Fha Refinance Programs
- FHA Home Refinance – Should You Do FHA Mortgage Refinancing?
September 13th, 2009 at 1:13 am
The truth is there is no such thing as a no cost, no fee, no points loan…it's a sales tactic that works very well.
In reality, even when you get one of these programs, the mortgage broker or the bank loan officer must get paid somehow, and it's done through a rebate known as Yield Spread Premium.
In the US, mortgage brokers have to disclose this "hidden cost", but banks and direct lenders do not, and some will actually lie to you if you ask them about it, because by law they do not have to disclose it. The same is true for mortgage brokers who act as bankers just long enough to sell the loan.
A better way to deal with this is to pay your origination fees up front, which gives you the lowest APR and monthly payment possible under you specific scenario, because YSP/rebate costs you $100, $200, $300 per month depending on your property value, for the life of your loan, and the greed of the broker/loan officer. Not so bad if you don't plan to be there for a long time and you are being charged no more than 1 point, but wouldn't you like to know what the loan is actually costing you?
These loans with minimum payments can get you in deep trouble if you're not careful…you need to get educated on what a Pay Option Arm, or Hybrid ARM really means to you, and if you make the minimum payment, it always means you will have negative amortization, or simply put, you lose equity every month.
Work with a reputable lender in your local market, and ask them to disclose "ALL" costs associated with their loan offer to you…especially that hidden back end fee. If you are paying more than par for the loan, you are paying YSP.
My suggestion is always to have some down payment…at least 10%, but preferably 20%, but if you don't, don't buy a house with 100% financing in a troubled market, only in a fast appreciating market…and that's not where we are currently. You could be in big trouble if you combine 100% financing wth negative amortization in a flat to down market.
Be careful out there.
Robert Noakes
Real Estate Investment Consultant
Sr. Mortgage Planner
415.652.8112
robert@noakes.com
September 13th, 2009 at 1:17 am
buddy….there are many refinance program online sources where you can get full of information and also get the refinance loan at lower mortgage interest rates and reduce your negative equity…i have the source where the option of existing loan modification and low interest rates : http://www.refinancing101.net
September 13th, 2009 at 1:03 am
dont worry the government will confiscate it when they need to
its happened before
September 13th, 2009 at 1:37 am
I ridicule the idea of deflation when the government has the printing presses on full tilt.
The book is mute.
September 13th, 2009 at 4:57 am
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September 13th, 2009 at 6:01 am
that’s a good one! lol
September 13th, 2009 at 8:22 pm
You should be looking at an FHA loan
September 14th, 2009 at 3:31 pm
You can refinance your home only if you're planning on buying out the bankruptcy. There are usually rules that say you have to be in the chapter 13 for a year, but I know programs that will allow you to do it in less as long as you have the available equity. If you'd like a free no obligation analysis you can give me a call or go to my website and fill out an application.
September 14th, 2009 at 11:30 pm
lol
September 15th, 2009 at 11:42 am
You are one of the lucky ones! I know people who have lost more than 50% of their equity in less than two years.
The President's program will help you if you can prove that you are unable to pay your present mortgage payments, but you ARE able to pay a mortgage at 31% of your monthly gross income. You will need to apply for a loan modification. Your interest may be lowered, the term may be extended or the principal reduced (unlikely).
Every expense you have must be documented and you will have to provide all current income information to your lender. The way your package is structured will determine what you may be entitled to. I strongly suggest hiring a loan modification specialist (sometimes called loss mitigation specialist) to do the negotiating on your behalf. The lender will do the least that they can to help you, whereas a specialist will know what the most is a bank will do and might be able to negotiate a much better workout than you would be able to do on your own. Their services are not free, but you will not have to pay until they have actually accomplished a workout for you. It is definitely worth the money. Just make sure you are dealing with a legitimate company.
September 15th, 2009 at 12:47 pm
I have not read anything about the government helping with mortgages yet.
But there is some good news. Several of the banks and lending companies are willing to help buyers who have loans with them. My suggestion is to call your lender today.
I read a Money magazine report lately that included institutions like Bank of America, Citibank, Countrywide, Wells Fargo and there are others out there willing to help their borrowers keep their homes.
September 15th, 2009 at 9:57 pm
http://www.makinghomeaffordable.gov
check out the website, depending on your situation, current mortgage terms, and how long you plan on staying in the house would dictate if it made sense to refi.
September 16th, 2009 at 3:47 am
September 15th, 2009 at 9:47 pm
Well done!!! This is by far the best video this guy has done.
September 15th, 2009 at 11:20 pm
We all know SOMETHING is coming and that the worst may be yet to come.
If you want to learn how to PREPARE for and GAIN from it check out the site (3w) prepareforandgainfrom (dot) {com}
September 16th, 2009 at 1:39 am
This was a great video!
If you’re in danger of losing your home, I’ve created a video for saving your home from foreclosure in 3 steps. Hope it helps
September 16th, 2009 at 3:06 am
Crash Proof by Peter Schiff?