FHA Loan Refinancing

I have an FHA loan and I want to do an FHA Streamline Refinance. What do I need to know?

If you are considering an FHA Streamline Refinance or just an FHA Loan, there are several things you should know. In most cases, refinancing with an FHA loan is your best move. However, sometimes a conventional loan may better fit your needs. It is best to consult a mortgage specialist before making any decisions. To speak with a mortgage specialist right now, you may call 800-930-9201 or get advice on what may be the best choice for you. You may also get more information below.

Refinance Your Loan Now

I am looking to purchase a home, but do not yet have a home loan. How do I know which loan is the best for my situation?

When searching for a home, you will have a major decision in choosing the right home. In addition, you will need to choose the right loan. An FHA home loan may require less down payment and may be easier to qualify for compared to a conventional loan. You may call 800-930-9201 to speak with a mortgage specialist who can help you determine which type of loan is right for you!

Things to know before refinancing:

1) About the FHA Loan program Your FHA home loan is insured by HUD, a government agency. When you are considering refinancing, you have already done the hard part by getting the loan the first time. The FHA streamline refinance is a much easier process. As long as you have an existing FHA loan, and you have been making your mortgage payments on time, you should qualify for the streamline process. If you do NOT have an FHA loan, you can explore the options of a non-FHA streamline refinance.
2) Things you do not need Much of the difficulty in obtaining a loan of any sort is the paperwork that you have to collect. With an FHA Streamline Refinance, you are easily qualified if you have been making your payments on time and there is NO need for an appraisal unless you want to wrap the cost of closing into the loan. In most cases your credit will not be checked for an FHA Streamline Refinance. In addition, there is NO income verification, NO asset verification, and you usually do not need any cash for closing!
3) Things you will need When you apply for your FHA Streamline Refinance loan, you'll need a few things to make the process go smoothly. You'll need your note from your existing loan, your home insurance information, an evidence of your Social Security number. To complete the FHA Streamline Refinance loan, you'll need to complete page one of your loan application, and you'll need your current coupon or payment book for your home.
4) Requirements Although the FHA Streamline Refinance loan is very easy, there are some requirements. The lender will look to see if you have been making your current mortgage payments on time. They will also look to see if you have already paid 6 months or more on the current loan. One of the requirements of an FHA Streamline Refinance is that you occupy the home that you wish to refinance with the FHA Streamline Refinance. If you do NOT occupy the property, the refinance will be more difficult.

If you are considering an FHA Streamline Refinance, remember that there are a variety of different lenders you may use. Even though these loans are insured by the government, they are not originated by the government. You should search to find a mortgage company who will offer you the best plan. Some companies will offer lower rates than others, but beware of hidden closing costs they may charge. Other companies may have a slightly higher rate, but may do a "no cost" refinance for you. It's best to weigh all options before choosing your lender.

To contact a specialist now, you may call 800-930-9201 or apply online. In addition to searching for a lender for you, our specialists can answer any questions you may have about the process.

Get FHA loan information. We are also your best online source for information on VA loans. Get VA loan information and the new VA Adjustable Rate Mortgage.
If you have questions or would like help with your mortgage, you can call us at 800-930-9201.

"James Chapman was more than helpful in securing our loan. He was very knowledgeable and an excellent source for any questions we had. I would recommend him to anyone looking for a loan officer who knows what they are doing. My experience with James was one that I will use to compare all future transactions. James took time out of his day to make sure that we completely understood everything."

-L. Serna
Las Cruces, NM
United States Army
Equal Opportunity Lender
Equal Opportunity Lender
License Information

bbb