Since you already have an FHA mortgage loan Sean Doolittle FlexBase Jersey , you already know that it’s easier to qualify for an FHA-insured mortgage than for a conventional loan and about MIP (mortgage insurance premiums). Chances are, though, that you don’t know about the latest changes that FHA’s made to the Streamline Refinance Program, changes that take it back to its origin, make it… streamlined again (see HUD mortgage statement from February 14 Max Scherzer FlexBase Jersey , 2011 ). FHA’s done away with credit verification, employment verification, income verification. You could have a credit score way under 500 and you could still qualify.
Before I go tell you why they’re doing it (it has nothing to do with the goodness of their hearts), let me mention that the FHA Streamline Refinance can be done without a new appraisal. Even if half of your home’s value’s gone. Yes, Yep Yan Gomes FlexBase Jersey , it’s true. The house you bought with $250,000 can be worth now $175,000 and you can still get a new mortgage under the FHA Streamline Refinance Program.
and refinancing gets you a ‘net benefit.’. ‘Net benefit’ is defined as: Here’s how FHA defines ‘net benefit:’
1. you have an ARM (Adjustable Rate Mortgage) and are refinancing into a Fixed Rate Mortgage
2. Refinancing gets you a mortgage with payments that are at least 5% lower than your current payments.
Why is FHA doing this if it’s not out of the goodness of their hearts? Because they’re already insuring an FHA loan for you. Remember that the new payments must be 5% smaller. In other words, FHA is letting you let them reduce their risk. I don’t know how many fewer people will default on their FHA-insured loan if their monthly payments are at least 5% lower but I’m positive it’s going to be fewer.
Truly, the FHA Streamline Refinance Program is a great thing. Truly Brian Dozier FlexBase Jersey , it’s a pity all lenders aren’t doing something like it with all their mortgage loans. It really is a win-win situation. Of course, some of them have been winning like crazy lately, so they might not care. Of course, some of them haven’t. You’d expect at least those to follow suit. But this is digressing from what’s important for you, namely Trea Turner FlexBase Jersey , reducing your monthly payments and, so, making your life easier.
In the Chicago area? Need to refinance an FHA mortgage? As you’ve seen, FHA Streamline Refinance is a great way to go. Check out the FHA mortgage rates, maybe the time is right for you to go ahead and do it.
Unmanned Surface Vessels (USV) Market Anthony Rendon FlexBase Jersey , by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 – 2025
by Steve · June 25, 2019
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1: Global Unmanned Surface Vessels (USV) Consumption and Market Share by Application (2012-2018) 2: Global Unmanned Surface Vessels (USV) Consumption Growth Rate by Application (2012-2018) 3: Market Drivers and Opportunities: