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The Bush Administration recently unveiled additional mortgage assistance for homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA).
Call 1 (800) 225 5342 for more information. |
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On Novemeber 7th The new FHA limits for 2009 were announced!
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Homesales.gov has homes for sale from HUD and other federal agencies in one place. You can find more homes by visiting our homes for sale page. |
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FHA STREAMLINE REFINANCE
FHA has permitted streamline refinances on insured mortgages since the early 1980's. The streamline only refers to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction.
The streamline refinance basic requirements are as follows:
1. The mortgage to be refinanced must be current (not delinquent).
2. The mortgage to be refinanced must already be FHA insured.
3. The refinance results in a lowering of the borrower's monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the streamline refinance process.
There are many ways streamline refinances are offered: Some companies offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the company pays any closing costs that are incurred in the transaction.
Some companies will offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances may also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either being paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.
Apply for an FHA loan now!
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| Check comparables in your neighborhood to get a value on your home. read more |
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Already having an FHA loan qualifies you for one of the easiest money saving refinances available
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FHA is a very popular route for most first time homebuyers to take. It is not a program reserved only for first time home buyers, you can also buy your third or fourth home with an FHA loan
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