The most notable change is the "net tangible benefit". New fha streamline loans originated after April 18, 2011 must demonstrate a 5 percent reduction to the principal and interest of the mortgage payment plus the annual mortgage insurance premium (MIP), or if refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate loan must.
Mortgage Only credit accepted (Tri-merge required) (Also, see note for Credit-Qualifying Streamline) On the date of the FHA case number assignment: The Borrower must have made at least six payments on the FHA-insured Mortgage that is being refinanced;
What Is The Interest Rate On Mortgage With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of reset.
As if the high up-front and monthly mortgage insurance premiums weren’t enough. That has occurred whether it’s an FHA to FHA refinance (called a streamline refinance) or an FHA to conventional.
Streamline Your FHA Mortgage Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options.
An FHA streamline refinance makes it easy to refinance your mortgage to a lower mortgage rate without the need for an appraisal, many of which happen to come in low these days. In fact, if an appraisal is conducted and it’s not favorable, the FHA will even allow lenders to ignore it and set it aside.
Condo Fees Vs Home Maintenance Pros & Cons of Buying a Condo Vs. House | Home Guides | SF Gate – The fees can be expensive and they can increase when extra money for maintenance is needed. Another con is that all homeowners share in the decision-making process with regard to the condo building.
Yesterday morning the MBA reported that mortgage applications declined by 0.8% last week following the biggest gain in over a year. Purchase applications reportedly fell -8.5% last week, after soaring.
Overview of the FHA streamline refinance program. Before you decide on this option, it’s important to understand how an FHA streamline refinance works. An FHA streamline refinance pays off an existing FHA-insured mortgage. The selling point is its limited loan underwriting and minimal documentation requirements. Since you met the standards.
Annual Mortgage Insurance Premium (MIP) Applies to all mortgages except: Streamline Refinance and Simple Refinance mortgages used to refinance a previous FHA endorsed mortgage on or before May 31, 2009 hawaiian home Lands (Section 247) Hawaiian Home Lands (Section 247) do not require Annual MIP. Mortgage Term of More Than 15 years base loan amount LTV MIP (bps) Duration Less than or equal to $625,500 90.00% 80 11 years
FHA Streamline Refinance Sometimes It Pays to Refinance. The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the streamline option saves borrowers time and money.