FHA Streamline AT A Glance!

• MIP (Mortgage Insurance Premium) has been lower as of 2015 down from 1.35 % to .85% of the loan amount.
• Original appraisal may be used if your property is currently undervalued (geographic cause)
• Third party fees can be included in loan amount or lender paid yield
• Six month payment history – no 30 day late in last 12 month
• Use old MIP reserves to set up new MIP account
• Credit scores down to 580

Please contact us for a no –obligation “Mortgage payment check-up”
*Reducing the MIP alone may save a substantial amount in mortgage payment

FHA Loans

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA).  FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn’t issue loans or set interest rates, it just guarantees against default.

FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.

VA Streamline

A VA Streamline refinance is easy and the whole process can be completed in a surprisingly short amount of time:

• NO re-appraisal needed in most instances!
• NO new Certificate of Eligibility required!
• NO requirement for out-of-pocket costs!

The Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), is one of the best options for homeowners who already have a VA Loan and would like to refinance into a lower monthly mortgage rate.
There are several advantages, including no required appraisal; no need to obtain another Certificate of Eligibility and little to no out-of-pocket costs.

• To avoid out-of-pocket costs, homeowners can choose to roll the closing costs and fees into the balance of the loan.
• There are only a few requirements and stipulations. No cash back from the IRRR unless for heating/cooling improvements (6000) and the borrower must also certify that he or she currently or has previously occupied the property.