FHA Refinance DEAD? FHA Streamline Going DOWN!

For more information tucson-fha-loans.com. The FHA Streamline Refinance is currently the easiest way to get an FHA Refinance, but that is about to change. With the Streamline FHA you do not need to get an appraisal, verify your employment or even verify your assets. As long as you've been making your monthly FHA payments, you should be able to qualify for an FHA Refinance. IMPORTANT HUD has just announced that the FHA Streamline Refinance is going to become extinct effective January 1st 2010. As of January 1st all FHA Refinance applicants will have to document their employment, their income and also their assets. We realize that is a matter of inconvenience, but those are the new rules. An appraisal MAY be required under the new Streamline FHA Refinance rules. Currently an appraisal is not required. Together these two items will not only increase the time it takes to do an FHA Refinance Loan but also the costs involved will go up to the consumer. In Arizona many families who bought their homes with an FHA Mortgage Loan are now upside down, meaning they owe more on the loan than the home is worth. The new rules may make it impossible for these families to refinance. If you or someone you know is in an FHA Mortgage and may be able to save money with a lower rate, please forward them this video. You can use my FHA Mortgage Calculator to determine what your new payments would be if you were to do an FHA Streamline Refinance today. There is a walk through in the video. Check ...



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Benefits and Information About the Fha Streamline Refinance Programs

For qualified borrowers, the FHA Streamline Refinance program’s benefits are very good. There are some restrictions involved in the loan product and who is qualified. If you have an FHA loan and want to improve your terms, it is worth talking to a FHA lender about the FHA


Streamline refinance program.





FHA Streamline Refinance program benefits





The FHA Streamline Refinance Program will developed in the 1980s to get borrowers access to a home mortgage refinance without dropping the security of an FHA loan. The FHA Streamline Refinance program gives you a faster way to refinance with less paperwork and better terms. Those aren’t the only benefits, however, the FHA Streamline Refinance helps borrowers is other ways, too:





* Lower interest rates, monthly payments and upfront costs


* No underwriting fees and out-of-pocket costs


* The option of lower terms from 30 to 15 years


* Closing costs that can be included in the loan


* Increased equity for the owner





The simplified FHA Streamline Refinance Program also helps on the administrative end, by cutting out paperwork, like:


* Less required information for the FHA Streamline Information


* Little paperwork


* Often no appraisal needed


* No information checks required for the FHA Streamline Refinance, like income or employment verification





This means the FHA Streamline benefits give you speed and efficiency the loan will be closed quicker and the saving will get to you sooner.





Restrictions and Requirements of the FHA Streamline Refinance Program





There are some minor requirements of the FHA Streamline Refinance you must meet in order to get the benefits of the FHA Streamline Refinance programs. These requirements for an FHA Streamline Refinance are similar to other refinance restrictions of typical programs. FHA Streamline Refinance provisions are actually far less than others. The


restrictions include:





* The loan must be in good standing, not in default and paid up to date


* The loan must be FHA insured and the refinance must result in lower payments and better terms for the borrower





One of the few drawbacks of the FHA Streamline Refinance is that borrower can not take cash out as a result of their refinance. Since many borrowers look at the FHA Streamline refinance as a place to get cash, many can be disappointed by their notice. However, with the FHA Streamline Refinance, borrowers may not be able to get cashout, but they improve their monthly payments and decrease their loan-to-value ratios. With such benefits, owners may get access to other credit in which to reach their cashout goals, while keeping a more manageable home loan.





Advice for getting an FHA Streamline Refinance





The best place for more information and advice for a FHA Streamline Refinance is a qualified and reputable FHA lender. An FHA lender can look at your current loan and how the FHA Streamline Refinance will benefit you. The way the FHA has made their Streamline Refinance program, you should benefit greatly. Get your FHA Streamline Refinance information, like what your current terms and payments are, and call an FHA lender to see what the FHA Streamline program will do for you.

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How To Streamline Your FHA Mortgage

Expand the description and view the text of the steps for this how-to video. Check out Howcast for other do-it-yourself videos from CinemaSlam and more videos in the Home Finance category. You can contribute too! Create your own DIY guide at www.howcast.com or produce your own Howcast spots with the Howcast Filmmakers Program at www.howcast.com If your home has an FHA-insured mortgage, learn how to get a lower fixed-rate FHA streamlined refinance loan. To complete this How-To you will need: Current FHA loan documents Your credit score A lender A loan application Escrow statements (optional) Closing statements (optional) Step 1: Find out if you have an FHA mortgage Locate your loan documents and look for a 10-digit FHA case number to find out if have an FHA-insured mortgage. Your current mortgage must be FHA insured to qualify for an FHA streamlined mortgage refinance. Tip: FHA case numbers can also be found on escrow account statements and original mortgage closing statements. Step 2: Contact lender Contact your original FHA mortgage lender and ask if they originate FHA streamlined mortgage refinances. If they don't, contact other lenders. Step 3: Find out your FICO credit score Find out your FICO credit score, a factor in determining if you qualify for an FHA streamlined mortgage refinance. Tip: 720 or higher is an excellent score. 660 to 719 is good. 620 to 659 is average. 619 and below is below average. Step 4: Complete application Choose a lender and fill out an FHA ...



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FHA Streamline Refinance - Utah, Nevada, Arizona, California, Idaho, Washington

utahmortgagenow.com FHA Streamline Refinances are easy and fast to do. In a matter of a few hours, we can reduce your interest rate, your monthly payments, and save you a lot of money. FHA Streamlines are for individuals who already have FHA home loans. These are one of the best types of loans that you can get. We can do FHA Streamline loans for people and families living in Utah, Nevada, Arizona, California, Idaho, Washington, and many other states. Contact us today to get started on your FHA Streamline mortgage.



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FHA Streamline Refinance - EXPOSED in Arizona

For more information go to: tucson-fha-loans.com. FHA Streamline Refinance Rate Reduction Tips Finally EXPOSED in Arizona. Learn the TRUTH about what is being called the Lifetime Great Rate program from FHA. There are 3 rules you must know in getting an FHA Streamline Refinance Rate Reduction mortgage. Can you still get an FHA Streamline Rate Reduction Refinance if you have crappy credit? Has your home had dropped in value? Has your income gone down? Have you drained your bank account and run up your credit cards? 520-225-0380 for update I can be found online at http or usdaruralhomeloans.com



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Understanding an FHA Streamline Refinance

The FHA has allowed streamlined refinances since the early '80s to help lower the amount of a person's monthly mortgage payment and quickly, an FHA streamline refinance is an option. While the federal government offers a number of loan programs, this particular one is popular in that it can be secured very quickly. Therefore, anyone with an FHA or VA mortgage loan, one that is in good standing, would find it easy to qualify for a refinance loan to lower payments.

Known as a "fast track" option, the FHA streamline refinance loan is designed so the underwriting process associated with mortgage loans takes less time. However, this does not mean that there are no costs involved with the refinance. There are basic requirements that must also be met including:

o The mortgage must already be FHA insured
o The mortgage must not be delinquent
o The refinance will lower the borrower's monthly principal and interest payments
o No cash can be taken out during the process

Using lower interest rates currently being offered, lenders can ultimately decrease the monthly mortgage payment. For a home with 18 years or more of payments still left, the refinanced loan would go back to a 30-year payoff. However, for loans with 12 years or less until maturity, the life of the loan would be based on the original loan's maturity date.

In addition to people enjoying lower mortgage payments, one of the benefits for an FHA streamline refinance is that the property may or may not need to be appraised. The purpose of using the refinance loan setup without an appraisal is to reduce the amount of the monthly mortgage payment. In this case, the homeowner would not be able to take any money out of the home's equity whereas refinancing with an appraisal would allow the homeowner to withdraw cash.

The rules for an FHA streamline refinance are somewhat different if the property is considered an investment. An investment property is a property that the borrower does not actually live in. In a situation such as this, the only amount that could be refinanced would be the balance of the existing loan and can only be refinanced without an appraisal. In addition, the amount of this type of refinance loan could only exceed the standard limitations for an FHA or VA loan.

Depending on the lender of an FHA streamline refinance loan, some offer loans with no associated costs but sometimes, these loans might have a higher interest rate. This simply means that there is no out-of-pocket cost associated with the FHA streamline refinance at the time, but the homeowner eventually pays for those costs overtime by paying a higher interest rate on the new loan. The premium received by the lender is used to pay the closing costs on the newly refinanced loan.

The bottom line is that if a homeowner makes payments on time and at some point wants to refinance, the opportunity would exist with an FHA streamline refinance loan.

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FHA Streamline less than - - without charge - No reviews?

FHA Streamline Refinance - Best Kept Secret! Avoid www.lowestpymt.com streamlined cheated on FHA. Some use this no-cost refinancing strategy to add $ THOUSAND on your principal balance! With a FHA Streamline, unpaid, nose to cut mortgage payments. You can reduce the payment and keep the balance of that! Watch and learn FHA Streamlines really work. American Bank is specialized in a particular streamline refinance program called FHA StreamlineDiscount. Th FHA Streamline program allows borrowers to obtain lower interest rates without adding to avoid the actual charges of credit balance to offset the usual title and closing costs for the loan. FHA are optimized for real? Are FHA Mortgage Streamline refinance is just another trick? See for yourself! FYI - in 2009, Kwe "Clay" Parker joined American Bank and more to help people, but now all 50 states. Visit http www.smarthomebuyingbook.comwww.lowestpymt.com www.thecreditrepairsecrets.com www.themarketinggenie.net http



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