Are you bracing yourself to head-on a challenge you don’t have to meet?

  • Has anyone ever explained the homebuyer financing assistance process to you step-by-step and how it will apply to you in your present economic circumstances?
  • Do you know what your credit score is and what's on your credit report?
  • Have you noticed any advertised interest rates you understand what they possibly have to do with you buying a house?
  • Have you discussed the kind of property are you are interested in owning instead of trying to get financing beforehand? Care to tell a Realtor about it?
  • Have you considered rolling other debt into the mortgage in order to lower payments and save money on interest?

  • What are all the complications to do about buying the customized real property that is uniquely yours? You could say that because my father and grandfather were builders and I was literally born into the industry, so, I can view the feat so lightly. You may also say that I am never easily swayed to give up when the going gets challenging so its "just another task to get done for Rodwell."
    On my LinkedIn profile, I am bringing my forefathers' vocations full circle – producing and developing custom homes to hardworking consumers in and around my immediate region. However, that is not the reason I think so casually of the triumphs of you buying real estate the way you want it and how you prefer it.

    If you answered to the affirmative or responded with "already done" to any of the opening questions above, you are well on your way to buying real estate the way you want it and how you prefer it. If you are one of our lifetime customers and already enjoying the perks that come with ownership – here is a special treat for you.

    Remember those pesky MIP (Mortgage Insurance Premiums) that initially made you hesitate to finance your purchase when you heard what it was? Remember how they say it will be for the life of the mortgage and hard to drop off?

    Well; Here is some RESOLVE!

FHA Streamline Refinance

For low- to moderate-income home buyers, FHA loans are a godsend. Because these loans are backed by the U.S. Federal Housing Administration, lenders can safely work with borrowers who would be ineligible for a conventional mortgage.

As your financial situation changes, though, you may be able to get a lower monthly payment as you pay off your home loan. An FHA streamline refinance could help you get it.

This guide will walk you through the details of an FHA streamline refinance: how it works, what type of borrower it's best for, how to meet the requirements, and more.

What is an FHA streamline refinance?

An FHA streamline refinance loan is a way to refinance an FHA loan into a new mortgage with better loan terms. It requires less paperwork and documentation than other refinance options, which makes the process easier.

Borrowers can use an FHA streamline refinance to get a lower monthly payment with an extended repayment term or a lower interest rate. Unlike conventional cash-out refinance loans, borrowers can't cash out more than $500 from the refinance loan, no matter their current home equity ratio.

FHA streamline refinance guidelines & requirements

There are some requirements the borrower must fulfill to be eligible for an FHA streamline refinance.

  • You must already have an FHA loan. You can't refinance a conventional mortgage or other first-time home buyer loans, such as a USDA loan or loan from

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    High-performance composite decking used in the garden

    VA lender.

  • The loan must be at least 210 days old with at least six months' worth of payments made.
  • You must be current on your loan and can't have had any late or missed payments in the last three months. There can only be one 30-day late payment in the previous six months.
  • There must be a net tangible benefit.

What is a net tangible benefit?

The net tangible benefit is a requirement for borrowers interested in an FHA streamline refinance. It means the new loan needs to be financially beneficial for the borrower. It almost always has to reduce your monthly payment by 5% or more through a lower interest rate or longer loan term.

Borrowers with an adjustable-rate mortgage (ARM) may also qualify as long as you're past the fixed-rate period. If you have a fixed-rate mortgage, you may refinance to a one-year ARM as long as the interest rate is two points less than the original fixed rate.

Your current mortgage lender may be able to show whether a streamline refinance will result in a net tangible benefit for your loan.

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What's not required by the FHA streamline program?

The FHA streamline program doesn't have any income requirements, which may be useful for borrowers whose salary has recently decreased.

Also, home appraisals are optional, meaning there's no minimum home value or LTV requirement. Compare that with conventional refinance loans, which usually require the appraisal to meet a certain amount.

FHA streamline insurance requirements

When you took out an FHA loan, you had to pay an upfront mortgage insurance premium (MIP) that cost 1.75% of your mortgage. When you refinance your mortgage with an FHA streamline refinance, you have to pay that upfront fee again.

You may be able to get some of that fee refunded if you closed on the loan 36 months ago or less.

The refund amount ranges between 10% to 80% and decreases with every passing month. For example, a borrower who closed 12 months ago may receive a 58% refund, but someone who closed 24 months ago will only get 34%.

See the full article here: FHA Streamline Finance

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