FHA Loans for Homebuyers
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FHA Refinancing
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Need to Know
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FHA Programs for Homebuyers
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Streamline Your FHA Mortgage
Streamlining your FHA mortgage... It sounds like it a process that can make your mortgage less complicated and
indeed, it can, by lowering your monthly mortgage payments.
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Qualify for an FHA Loan
Compare Refinance Mortgage Rates
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FHA has permitted streamline refinancing on FHA
insured mortgages since the 1980's. The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must be FHA insured.
- The mortgage to be refinanced should be current in payments (not delinquent).
- The new FHA refinanced loan results in lowering the borrower's monthly principal and interest payments.
- No cash may be taken out on an FHA mortgage streamline refinancing.
Lenders may offer streamline refinancing in several ways. Some lenders offer "no cost" refinancing (no out-of-pocket
expenses to the borrower) and will in exchange charge a higher interest rate on the new loan. Lenders may offer FHA
streamline refinancing and include the closing costs into the new mortgage amount, if there is sufficient equity in
the property. Others will allow you to finance or pay the closing costs in cash.
If an FHA streamline refinance is done without a property appraisal, the new loan amount cannot exceed the original
loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal
residence) may only be refinanced without an appraisal.
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to Buying a Home with an FHA Loan
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> FHA Step 1
How much can you afford?
> FHA Step 2
FHA says, "Know your rights."
> FHA Step 3
Shop for an FHA loan.
> FHA Step 4
Shop for a place to call home.
> FHA Step 5
Make an offer for the home.
> FHA Step 6
Get a home inspection.
> FHA Step 7
Your homeowners insurance.
> FHA Step 8
Sign on the dotted line and move in.
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