No cost refinance – FHA Refinance Programs


Cash-Out, No Cash-Out, and FHA Streamline refinance a mortgage loan programs can be great addition to today’s homeowners want to vote because the lower payments, or an adjustable. FHA loans have always a good choice with very low interest rates.

Streamline refinances can only be on a current FHA mortgage can be used. Can be made with or without an assessment, and with or without credit qualification. Restriction of any loans, not allCash-Back to the borrower.

Loan type conversions allowed:

First 30-30 yr yr Fixed: the new fixed payment to be less than the payment of age.

According 30-15 yr yr Fixed: New payment period may not exceed $ 50 will be higher. Note: 15-30 yr yr fixed is not allowed.

Third Fixed Rate, ARM: Condominium homes only

Fourth ARM Fixed Rate

Fifth Boom Boom: low rate loan must be current

Sixth 203K to 203B

Streamline Refinance “without”Evaluation:

The new loan amount can not exceed the original loan amount, or above the current balance principle and include the cost. … Anything less. This applies only to condominiums as non-owner occupied borrowers can only refinance at the current balance, not able to roll in the final stage cost.

- No cost refinance

The only required to verify the creditworthiness of a review of mortgage payments. This can be with 12 copies of canceled checks, before donereturn.

canceled checks are available without file report is required if the subscriber prefers that method to verify mortgage payments.

Streamline refinance “with” an assessment of:

An FHA streamline refinance with an evaluation of the borrower to finance the costs in the final stage, the discount points and prepaid assuming that all fits within the boundaries of the loan value. The new loan amount, the current principle plus closing costs, discount points areprepaid, OR, the appraised value x 97.75% (97.65% and 97.15%, low-cost or high status). Whatever the less!

If the smaller of these two values is greater than the original mortgage balance for the credit check required.

- No cost refinance

Streamline Refinance – “Credit qualifying”

The amount of the loan is calculated on the basis of previous formulas and qualifying requires full employment verification, credit reports and income, debt ratio. Typically, these loans are usedif the new mortgage payment will be higher, the deletion of a borrower of new mortgage, or where because of hypotheses-on-sale clauses.



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