Pittsfield, MA — (SBWIRE) — 05/17/2013 — Real-estate-yogi.com is here to share its wisdom on the ins and outs of this process, such as:
– Qualifications for FHA Streamline Refinance- The FHA Streamline Refinance Program- No Verification Necessary- “Purpose” for Refinance
Oddly enough, the FHA Streamline mortgage refinance program is one of the easiest to qualify for. All one has to have is a current FHA-insured mortgage loan. To refinance it, one does not need a new appraisal of his home; the FHA will count the original value of the house as its existing worth. The only homeowners who cannot qualify for this program are those whose conventional loans are owned or serviced by Sallie Mae or Freddie Mac.
The Streamline Mortgage Refinance Plan
There are official rules for participating in an FHA mortgage Streamline refinance. The first of these is that one must have an excellent payment record that goes back at least three months. Another is that all loans must be current at the time they are closed upon. Also, the FHA mandates that borrowers complete 6 mortgage payments on their FHA mortgages, and that no less than 210 days go by from the most current closing to qualify for Streamline refinance.
Another perk of FHA Streamline mortgage refinance is that there is no verification of … anything, really. A person should be aware of the FHA Streamline refinance mortgage rates, but that’s all he’ll need to know. The FHA does not require income verification, proof of employment, or that one provide income tax returns. It also doesn’t look at one’s credit score because it relies on payment histories to determine future loan functioning. Add to that the fact that there’s no need for an appraisal, and this is a pretty good deal.
People who participate in an FHA loan mortgage refinance have to have a good, legitimate reason for doing so. They cannot simply decide to refinance their mortgage. This “purpose” is referred to by lenders as the Net Tangible Benefit. Basically, the Net Tangible Benefit reduces the principal plus interest plus insurance portion of a mortgage payment by at least 5%. One reason to refinance is to go from an adjustable rate mortgage to one with a fixed rate. Doing this makes it much easier to budget the payment each month because it will always remain the same.
Joel Lobb (NMLS#57916)Senior Loan Officer502-905-3708 cell502-813-2795 firstname.lastname@example.org
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