Home Financing 101: The FHA Streamline Loan
If you're searching for a fast and easy way to refinance your existing FHA loan, then take a look at an FHA streamline Loan. This article provides FHA Streamline Loan information and tips on how to submit a FHA Streamline Loan application.
FHA Streamline Loan Information - What Is It? The FHA Streamline Loan is used for refinancing a home faster and with less hassle. The term "streamline" simply refers to the kind of refinancing plan you are using. With an FHA Streamline Loan, information requirements are simplified which results in reduced paperwork, underwriting, and documentation. The trade off with an FHA streamline refinance is higher restrictions, however if your purpose is mainly to reduce your payment or change terms, you should definitely think about an FHA Streamline Loan. Information on qualifications and restrictions are included below. You can talk to an FHA lender for more specific FHA Streamline Loan application information that will speak specifically to your situation.
FHA Streamline Loan Information - Will My Costs go Down? With a successful FHA Streamline Loan application, your monthly costs and/or overall mortgage costs over the life of the loan will reduce, but a Streamline FHA loan is not cost free - closing costs either need to be: A) Paid out-of-pocket, B) Included in the loan amount, or C) Exchanged for a higher interest rate (yet one that is still lower than the current rate).
Depending on the details of your situation and your FHA Streamline Loan application, you may be able to obtain a streamline refinance without paying any out-of-pocket fees, though. FHA Streamline Loan Information - Who Qualifies? The requirements for an FHA Streamline Loan application include: - The mortgage to be currently insured by the FHA - The mortgage to be current—not in default, no late payments - The refinanced loan to result in lower monthly payments (principal and interest) for the borrower - Subject loan to be more than 6 months old In addition, the FHA Streamline Loan application is subject to other restrictions. For example, cash-out is not an option and there are limits on the term lengths relative to the current situation. Essentially, the new arrangement cannot significantly increase the life of the loan for loans that have been paid down a whole lot, and a 15 year mortgage cannot be changed to a 30 year term. For clarification around your specific situation, you should work with a qualified FHA lender to get specific FHA Streamline Loan information..
FHA Streamline Loan Information - How Do I Apply? In order to process an FHA Streamline Loan Application, you will need the help of a qualified FHA lender. If you feel that an FHA Streamline Loan is right for you, you should contact an FHA lender to discuss terms and rates. They will help you fill out an FHA Streamline Loan application and will provide you with more information about the process. The focus of the FHA Streamline Loan Application is to make your home's mortgage more affordable and more manageable for you. If you've had your current loan for a good amount of time, improved your credit standing, or increased equity in your home, it is time to contact your FHA lender for more FHA Streamline Loan information to learn how you may benefit from an FHA Streamline Loan application.
About the Author
This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions such as Alaska FHA home loan programs, Oregon VA home loan programs, debt consolidation loans, information about Washington FHA Refinance Benefits, and whole host of other mortgage product all across the United States.
Website:- http://www.accessnationalonline.com/
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