Jump to content


Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.





Photo

FHA Streamline Refinance Mortgage Loan

Posted by DallasLoanGuy , 02 January 2009 · 181 views

Interest rates are near historical lows!

The calls are starting to come in... And quite a few of the callers have already been advised by the DallasLoanGuy to NOT refinance. It just doesn't make sense for every homeowner.

But, if you have a rate that will adjust in the near future or your fixed rate is 6% or higher.... This might just be the opportunity that is too good to pass up. It costs nothing to bring your profile to a professional Mortgage Banker for a tune up. And you could save thousands in interest payments over the life of your mortgage. (Note: Some lenders charge an application fee... And should be avoided).

At DallasLoanGuy.com, we refinance Convetional, FHA & VA loans.


FHA clients have a unique option not available to conventional borrowers. The Streamline Refinance.

There are three of FHA Refinance options.

1. Non credit qualifying without appraisal.
2. Non credit qualifying with appraisal.
3. Credit qualifying, or full doc refinance.


The Non Credit Qualifying FHA Refinance, without appraisal.

This loan is a pleasure. Streamline Refinances WITHOUT an Appraisal. The maximum insurable
mortgage is the Original Loan Amount: The original principal balance on the mortgage (which will
include any upfront mortgage insurance premium) plus the new upfront premium
that will be charged on the refinance. This loan does not require the borrower to re-qualify. Income/debt/assets are not considered. Verification of on-time payment of current loan are the only qualification.
If the borrower doesn't have sufficient equity, the 'with appraisal' option may be required.



The Non Credit Qualifying FHA Refinance, with appraisal.

The maximum insurable mortgage is the lower of the appropriate loan-to-value ratio

applied to the appraiser’s estimate of value or the sum of the existing indebtedness
and related closing costs and prepaid expenses for the refinance.
Again, the income/debt/asset information is not considered. Verification of on-time payment of current loan are the only qualification.


Credit Qualifying

This loan is used when the borrower will experience an increase in payment due to length of term or deletion of a borrower. Assurance of ability to make future payments is considered. The lender must provide a verification of income, a credit report, compute the debt-to-income ratios and determine that the
borrower will continue to make mortgage payments


As you can see, the FHA borrower has many more favorable options than others.... Call the DallasLoanGuy Today to explore whether a Rate & Term Refinance is right for you!!



Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

FHA Streamline Refinance Dallas Texas




I have streamlined my FHA 3 times now since 2000 and every time got a lower payment. Non credit qualifying without appraisal it only costs about 100 dollars up front. Which reminds me I should call again and see of I can streamline again.
  • Report

April 2014

S M T W T F S
  12345
6789101112
1314151617 18 19
20212223242526
27282930   

Recent Comments

© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.