Underwater Homeowners - FHA Refinances - Prospect Mortgage Loan Officer Shaida Tafreshi

Prospect Mortgage - Loan Officer - Shaida Tafreshi

Los Angeles, California

NMLS #545194

As a continuation to my first post EVER on ActiveRain entitled "FHA Streamline Refinances," I would like to highlight a few more tips of information for you Homeowners who currently have an FHA LOAN, and are not sure if you are eligible to REFINANCE:

What is an FHA Streamline Refinance?

The FHA Streamline Refinance Program allows homeowners who are “underwater” on their mortgage loan… AKA have NO EQUITY in the property to refinance their FHA loan to lower the monthly payments and interest rate on their home loan.^*

Are all Banks, Lenders and Brokers able to do FHA Streamline Refinances?

NO.  Very few lenders are able to do FHA Streamline Refinances.  Prospect Mortgage is one of the few lenders still working with the Federal Housing Administration to do these FHA Streamline Refinances.

What does this mean for you, the Homeowner?

This means that if you owe more on your home loan/mortgage than the home will appraise for/is worth, you can STILL REFINANCE Your FHA loan with a new FHA loan at a lower rate and payment.^*

What about you Condominium and Townhouse Owners?

If you own a Condominium or Townhouse in a Building or Community, you do NOT need the Complex to be “approved” by FHA in order to refinance your FHA loan on your unit.

Why is this?

Normally, when you want an FHA loan and you are purchasing a Condo or Townhouse, the “project” also known as the Building or Complex needs to be approved by the Federal Housing Administration in order for them to issue an FHA loan to a buyer who wants to purchase in that project/building.  With the FHA Streamline Refinance Program, not only do you avoid the need for project approval, but you can have ZERO equity in the property and still qualify.  Some restrictions do apply. Call me for details!

How Low can your Credit Score be?

FHA and Prospect Mortgage allow for borrowers to obtain an FHA loan with a credit score as low as 580!^*

Other Benefits of the FHA Streamline Refinance:

1.No appraisal*

2.No Income Documentation Necessary

3. If you have had your FHA loan for less than 3 years you can qualify for an Up Front Mortgage Insurance Refund! (this is usually several thousand dollars depending on your loan amount)

4.If your FHA loan was endorsed before May 2009, you may qualify for keeping the OLD Mortgage Insurance Premiums on your NEW FHA loan!*

^{*-some restrictions may apply}