The FHA Streamline Refinance program is one of the many options available to homeowners. Programs like this will help you be able to afford your monthly mortgage payments so that you can keep your home. Your local mortgage broker will be able to help you find refinance your mortgage with ease.
FHA streamline refinance have been around since the 80s. This is a very good option for homeowners to consolidate their mortgage and experience the freedom to choose the amount of payments they can handle.
Certified lenders, such as those recommended by your local mortgage broker, are guaranteed by the FHA to provide the necessary funds that will allow you to refinance your home. The FHA has prescribed guidelines to lenders for loan approval. These guidelines include income, credit and collateral (property appraisal/downpayment).
The guidelines stated by the FHA depend on some compensating factors like low debt to income ratio, low loan-to-value ration or length of employment.
And just like any other loan, FHA loans are normally given to qualified borrowers that has a good credit standing. The good news here is that even those without a good credit score can still qualify. Such borrowers will only have to show that they do not have any declaration of bankruptcy in the last five years from the time of application.
Some technical requirements for an FHA loan include a verification of the mortgage payment history for the last 12 months (or the length of time the mortgage has been held). HUD’s Credit Alert Interactive Voice Response System (CAIVRS) need not be checked, but a check of HUD’s Limited Denial of Participation (LDP) and General Services Administration (GSA) exclusion lists. Also, a termite report is not a requirement under the FHA guidelines.
The eligibility for an FHA loan may be broader than you think. This is why we always suggest you consult with your local certified mortgage broker to get a good idea of where you stand as far as the timelines for application, and waiting period are concerned.
If you are worried about losing your home in the future, talk to your mortgage brokers now and find out how you can be one of the many people who benefited from FHA streamline refinance loans.
Have you been trying to find the best Utah mortgage broker to help you secure your next mortgage? We can help you with any types of home loan including a Utah FHA streamline refinance! Visit our site today to check out our interest and to get your loan started!
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