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FHA Loan Refinancing, Streamline Loans And Mortgage
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Published: March 19, 2007
Money makes the world go round, and along with money comes loans. One of the most popular loans to take out is a mortgage. While some people stay on top of their loans, others aren't so lucky. When upside down in a loan, Federal Housing Administration or FHA loan refinancing may be needed.
The first thing to determine is whether or not FHA loan refinancing is even needed. According to FHA, qualified persons need to have at least two years of steady employment, the last two years of income should be the same or increasing, the new mortgage payment should be about 30% of the gross income, any bankruptcy must be at least two years old with good credit since, and any foreclosure must be three years old with good credit sense. Qualified persons would then apply for FHA loan refinancing by submitting a myriad of paperwork.
First, FHA loan refinancing requires employment information (W-2's, paystubs, etc), savings information (bank statements, stocks, etc), credit information (recent bills, contact information for landlord), driver's license, social security card, copy of note and deed from current loan, copy of property tax bill, and many others. On top of the pile of paperwork that must be submitted, credit qualification, income qualification, and savings requirements must all be met to work with FHA loan refinancing.
When all the paperwork is turned in and all the qualifications are met, a person has to decide what kind of FHA loan refinancing is best. FHA loan refinancing offers 3 different kinds of refinance loans: streamline loans, cash-out loans, and rate and term loans.
Streamline loans are among the most popular because they tend to be faster and easier than other loans. There are a few requirements that must be met before one can receive any kind of streamline loan. First, the mortgage that is going to be refinanced must be FHA insured, the mortgage in question must be current, and no cash may be taken out during the process of using the FHA loan refinancing.
FHA loan refinancing offers these streamline loans at a lower rate of interest than the existing mortgage. Furthermore, FHA loan refinancing offers streamline loans with zero cost refinance options, ability to lengthen or shorten the term of the existing loan, and easier credit and income qualifications. Overall, streamline loans are best for those who want things done quickly, or someone who has poor credit or no credit. Streamline loans are generally used for a mortgage on a house, but can also be used for rent on an apartment.
Cash-out loans offered by FHA loan refinancing are for people with a new or existing FHA mortgage. This kind of refinance loan allows someone to cash out up to 85% of the properties value, and allows the consolidation of the first and second mortgage into one loan. Easier credit and income qualifications apply as well as FHA regulated closing costs. This kind of refinance loan by FHA loan refinancing is best for people who need money immediately, have poor or no credit, and have more than one mortgage.
A rate and term loan available from FHA loan refinancing is a refinance loan that allows consolidation of first and second mortgages into one loan. This type of loan contains no credit score requirements, easier credit and income qualifications, and competitive rates for borrowers. This kind of refinance loan from FHA loan refinancing is best for people with poor or no credit, have more than one mortgage, and who have had bankruptcy or foreclosures in their past.
Refinance loans can be a time-consuming, frightening aspect of life to deal with. But with FHA loan refinancing, the stress can be put at ease with their step by step instructions and easy to follow requirements.
Sources:
Mortgage Refinancing Using FHA Loan Program. FHA Home Loans.1999-2002. 13 Mar. 2007. http://www.fha-home-loans.com/mortgage_refinancing _fha_loans.htm
FHA Loan Qualifying Summary. FHA Home Loans. 1999-2002. 13 Mar. 2007. http://www.fha-home-loans.com/loan_qualifying_fha_ loans.htm
FHA Loans-Documents Needed for FHA Loan. FHA Home Loans. 1999-2002. 13 Mar. 2007. http://www.fha-home-loans.com/documents_needed_fha _loans.htm.
What is a FHA Loan and is it for me? HCI Mortgage. 13 Mar. 2007. http://www.fhatoday.com/fha.htm
FHA-home-loans.com. 2007. 13 Mar 2007.http://www.fha-home-loans.com/
The first thing to determine is whether or not FHA loan refinancing is even needed. According to FHA, qualified persons need to have at least two years of steady employment, the last two years of income should be the same or increasing, the new mortgage payment should be about 30% of the gross income, any bankruptcy must be at least two years old with good credit since, and any foreclosure must be three years old with good credit sense. Qualified persons would then apply for FHA loan refinancing by submitting a myriad of paperwork.
First, FHA loan refinancing requires employment information (W-2's, paystubs, etc), savings information (bank statements, stocks, etc), credit information (recent bills, contact information for landlord), driver's license, social security card, copy of note and deed from current loan, copy of property tax bill, and many others. On top of the pile of paperwork that must be submitted, credit qualification, income qualification, and savings requirements must all be met to work with FHA loan refinancing.
When all the paperwork is turned in and all the qualifications are met, a person has to decide what kind of FHA loan refinancing is best. FHA loan refinancing offers 3 different kinds of refinance loans: streamline loans, cash-out loans, and rate and term loans.
Streamline loans are among the most popular because they tend to be faster and easier than other loans. There are a few requirements that must be met before one can receive any kind of streamline loan. First, the mortgage that is going to be refinanced must be FHA insured, the mortgage in question must be current, and no cash may be taken out during the process of using the FHA loan refinancing.
FHA loan refinancing offers these streamline loans at a lower rate of interest than the existing mortgage. Furthermore, FHA loan refinancing offers streamline loans with zero cost refinance options, ability to lengthen or shorten the term of the existing loan, and easier credit and income qualifications. Overall, streamline loans are best for those who want things done quickly, or someone who has poor credit or no credit. Streamline loans are generally used for a mortgage on a house, but can also be used for rent on an apartment.
Cash-out loans offered by FHA loan refinancing are for people with a new or existing FHA mortgage. This kind of refinance loan allows someone to cash out up to 85% of the properties value, and allows the consolidation of the first and second mortgage into one loan. Easier credit and income qualifications apply as well as FHA regulated closing costs. This kind of refinance loan by FHA loan refinancing is best for people who need money immediately, have poor or no credit, and have more than one mortgage.
A rate and term loan available from FHA loan refinancing is a refinance loan that allows consolidation of first and second mortgages into one loan. This type of loan contains no credit score requirements, easier credit and income qualifications, and competitive rates for borrowers. This kind of refinance loan from FHA loan refinancing is best for people with poor or no credit, have more than one mortgage, and who have had bankruptcy or foreclosures in their past.
Refinance loans can be a time-consuming, frightening aspect of life to deal with. But with FHA loan refinancing, the stress can be put at ease with their step by step instructions and easy to follow requirements.
Sources:
Mortgage Refinancing Using FHA Loan Program. FHA Home Loans.1999-2002. 13 Mar. 2007. http://www.fha-home-loans.com/mortgage_refinancing _fha_loans.htm
FHA Loan Qualifying Summary. FHA Home Loans. 1999-2002. 13 Mar. 2007. http://www.fha-home-loans.com/loan_qualifying_fha_ loans.htm
FHA Loans-Documents Needed for FHA Loan. FHA Home Loans. 1999-2002. 13 Mar. 2007. http://www.fha-home-loans.com/documents_needed_fha _loans.htm.
What is a FHA Loan and is it for me? HCI Mortgage. 13 Mar. 2007. http://www.fhatoday.com/fha.htm
FHA-home-loans.com. 2007. 13 Mar 2007.http://www.fha-home-loans.com/
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