Why would I want a FHA Streamlined Loan
The FHA Streamlined Loan is used for refinancing.
What can I use a FHA Streamlined Loan for and what are my options for a FHA Streamlined Loan
The FHA Streamlined Loan is a good option if you want to refinance your house. There are a few qualifications for this loan: the property already has to be FHA insured, and the mortgage of the house in question cannot be delinquent. The FHA Streamline will lower the borrower’s monthly payments, and the only fee the borrowers will have to pay is a closing fee, which cannot exceed $250. Some lenders also offer No Cost FHA Streamlined Refinances. This type of loan will have a higher interest rate, but the lender will pay the closing costs and any other fees. The borrower can also choose to include the closing costs in the mortgage if they have enough equity.
Why should I get a FHA Streamlined Loan
FHA Streamlined Loans are useful because they require less documentation than an average refinance loan. Usually refinance loans require that the borrower go through the same types of documentation and qualification procedures that they would for a standard mortgage, but the FHA Streamlines Loan does not require borrowers to do so.
How can I get a FHA Streamlined Loan
You can get a FHA Streamlined Loan right here, and right now.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score is very important in determining your mortgage rate. If you scored between 720 and 850, you are A-Paper. You have good credit, and don’t need to worry about finding a mortgage. If you scored below 660, you will have trouble finding a lender. If you scored below 620 you are Sub-Prime or Non-Prime, and need to improve your credit score before you can get a mortgage.
Q: What kinds of properties can I refinance with an FHA Streamlined Loan?
A: You can refinance primary residences and investment property with a FHA Streamlined Loan.
Q: What is the FHA?
A: The Federal Housing Administration was formed in 1934 as a part of the National Housing Act. The goal in creating the FHA was to stabilize the mortgage market, and to provide people with a home financing system. The FHA is particularly helpful to first time homebuyers, buyers with a bad credit history, and minority buyers but will help anyone with a mortgage whether it is their first, second, or twelfth mortgage.
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