Archive for FHA Guidelines
Government Mortgage Help
Posted by: | CommentsGovernment home financing continues to play a major role in rehabilitating the mortgage industry. In the wake of a severe financial crisis, the Federal Reserve lowered government mortgage rates to record levels. The two most popular U.S. government mortgage programs over the last seventy years are the VA and FHA loans. VA mortgages are only available to military veterans who qualify with their VA loan eligibility. However, all Americans are eligible for FHA mortgage loans if they can demonstrate they have the ability to repay the loan. Government mortgage help is more available and accessible than most people realize.Nationwide brings a significant amount government mortgage loan experience to the table with home financing opportunities for consumers seeking fixed rate refinancing, debt consolidation, new home purchase and cash out refinance loans.
Take Advantage of Record Low Goverment Mortgage Rates
Take advantage of low FHA mortgage rates available for fixed mortgage refinance and new home purchase mortgages. FHA first time home buyer loans are a popular choice for new home financing. FHA has been insuring American mortgages since 1934.
The U.S. government guarantees veteran loans and VA mortgage rates have never been better! If you are a military veteran consider the 100% VA mortgage for refinancing or new home financing.Both FHA and VA streamline loans are available to borrowers seeking a rate and term refinancing who already have existing government mortgages in good standings.
Take advantage of the Nationwide Mortgage Lender’s government mortgage experience and lock your mortgage rate now before the interest rates rise.
FHA Mortgage Refinance Solutions
Posted by: | CommentsMortgage interest rates have dropped to record lows for three weeks in a row. Unfortunately the benefits of low home loan rates are not able to be realized by a high percentage of homeowners because they do not meet the current mortgage refinance requirements. For the most part, today borrowers need higher credit scores and more home equity. For borrowers who have the credit but not enough equity, Mortgage Refinancing Buzz recommends considering a FHA refinance loan. Many borrowers are migrating from a conventional mortgage to an FHA mortgage, because the conventional guidelines restrict rate and term refinancing between 80 and 90%. FHA loans do have a small mortgage insurance payment in addition to the mortgage payment, but FHA mortgage rates are just as low as the conventional rates.
FHA Mortgage Rates Are Prime for Mortgage Refinancing
FHA loan programs remain more flexible than conforming home loans because the conventional guidelines have been tightened significantly more for borrowers seeking low rate mortgage refinancing solutions. FHA approves mortgage refinancing of up to 97.5% loan-to-value for qualified borrowers. With FHA refinancing, borrowers must always document their income, but these days’ conventional loan programs have eliminated stated income and no income refinancing programs any way.
Best Mortgage Refinance Programs
Posted by: | Comments2010 has been a great year for mortgage refinance rates! Sure lenders and banks have tightened their guidelines but home refinancing rates have fallen to record lows. If you qualify you will be rewarded with a lower mortgage rate, a reduced monthly payment and better fixed rate terms. If you need a stated income refinance, chances are you will need to wait for lenders to release new refinance programs.
Below, we listed the best mortgage refinance loans so you can have a better idea on what is out there before you begin shopping lenders online:
FHA Mortgage Refinance – The most popular refinance loan this year because it is flexible with credit and not much equity is required. The FHA streamline does not allow you to finance closing costs anymore, so we suggest sticking with the traditional FHA refinance loan because rates are available below 5% with no pre-payment penalties. FHA allows cash out to 85% loan-to-value.
Conventional Refinance – This is a great refinance loan for borrowers with credit scores above 700 and at least 20% home equity. There is no private mortgage insurance like FHA loans, so you will get the best of both worlds. Most conventional lenders will allow cash refinancing to 80% LTV.
VA Mortgage Refinance – If you are active in the Military or a retired veteran you will love the VA refinance opportunities. VA offers the VA streamline refinance that allows borrowers who already have a VA mortgage to refinance with reduced lending fees. No appraisal is required, so you save money and do not need to have any equity. No other lending program allows you to go above 100% loan to value and required no appraisal. VA enables cash out refinancing to 90%. The VA mortgage refinance program will even allow you to skip a payment.
Whichever mortgage refinance loan you choose, know that you are locking into the lowest fixed rates seen in a generation. Contact Nationwide for a free rate quote and refinance analysis with no obligation.
FHA Mortgage Refinancing with No Equity
Posted by: | CommentsFHA offers loan programs for borrowers who need a FHA refinance loan but have no equity available because of the sluggish housing market. The FHA streamline refinance is great for the homeowner that has a wants a rate and term refinance. No cash out or debt consolidation is available with FHA streamline loans and certain restrictions do apply. To qualify for a FHA streamline, you must currently have a FHA mortgage that you are current on with no late payments in the last year. In late 2009, HUD made some changes to the FHA guidelines and a good payment history on your existing FHA loan is essential.
Let’s face it millions of homeowners owe more than their home is worth. Fannie Mae and Freddie Mac offer the Home Affordable Refinance Program and the DU Refinance Plus program that FHA allows you to refinance your mortgage without an appraisal (so the fact that your house’s value has dropped like a piano from the roof is irrelevant) if you meet certain guidelines.
The FHA streamline refinance has been surging in popularity with FHA lenders because it meets the needs of so many homeowners that are blessed with an FHA loan. FHA mortgage rates are as low as they have ever been and FHA loan companies have become much more efficient processing government refinance loans.
FHA Streamline Refinance Requirements
1. You have to have made at least six payments on your current FHA loan.
2. If you have had your FHA loan for less than 12 months, all the loan payments must have been made in a timely manner. If you have had the FHA mortgage for more than 12 months, you can have been late only once in the last year and must have paid on time the last 3 months.
3. Your new FHA loan payment must be at least 5% lower than your old payment, or you must be replacing an ARM with a fixed loan (the new FHA rate can’t be more than 2% higher) or hybrid loan (the new loan payment can’t be more than 20% higher), or reducing the term of your FHA loan, or reducing your interest rate by at least 2% (if replacing a fixed home loan with an ARM).
4. The property being refinanced must be your primary residence.
5. Closing costs for FHA streamline loans must be paid upfront (with the exception of mortgage insurance premium (MIP), which can be financed in the new loan.
FHA Premium Rising for Bad Credit Mortgage Loans
Posted by: | CommentsFHA loan programs may see changes in 2010. The HUD is seeking White House approval to increase the upfront mortgage insurance premium charged by the Federal Housing Administration to borrowers. FHA officials announced more changes, including tighter underwriting standards for refinance mortgages and new home loans. If approved by the White House, FHA mortgage loans will see an increase to 1.75% upfront mortgage premium paid by borrowers who do not have enough equity to mitigate the risk of a loan default.