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FHA Streamline Loans- They Are SOOOOO Easy!!!

FHA Streamline Refinance (FHA to FHA loan)

FHA streamline loans are fast and easy loans. If you or your clients currently have an FHA loan, they can still refinance even if they are upside down as long as they are within the new FHA loan limit guidlines. You must currently have an FHA loan to do a streamline refinance. It's a simple loan that is very quick and easy to qualify for. Please see the qualifications/ benefits below. If you currently have an FHA loan and are upside down on your mortgage- we can help you!

When you add it all up - or take into consideration the lack of requirements needed, it makes the qualifying process alot easier and opens the doors to help FHA homeowners qualify for a lower mortgage payment. I have been getting alot of clients that I can help because they qualify for this type of loan.

* NO Employment Verification
* NO income or asset verification
* No credit report pulled - No FICO
* Up to 3 Mortgage Lates in the last 12 months
* No Appraisal Required (LTV is not an issue!)
* Low fees (lender usually covers all the fees
* Quick loan process, usually less than 2 weeks
* VA loans may also be eligible for a streamline refi

Regards,

Gerard Ladalardo, CMPS
www.caloanpros.com

Posted by Gerard Ladalardo, CMPS on 01/12/2009 02:20 PM

Comments (2)

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2 Comments on FHA Streamline Loans- They Are SOOOOO Easy!!!

JAN

If I refi. within 12mths will I need an appraisel, due to low equity, secondary to recent refi and no room for closing cost

JAN

I'm not sure where you got your information because it's not correct. If you currently have an FHA loan- you DON'T need to get an appraisal if your loan is less than 12 months. The reason is that the lender would use the value of the purchase price or the last refinance value if within 1 year of last transaction. "Low Equity" is also NOT a factor in the FHA streamline loan. If not using an appraisal, closing costs can't be added onto the loan amount- however, the lender (me) can offer to pay all the closing costs so there's no costs to the borrower. There's also less fees involved in an FHA Streamline refinance.

Please contact me directly if you have any questions.

Regards,

Gerard Ladalardo, CMPS
www.caloanpros.com

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