Fha Mortgage Streamline Refinance Loans - Advantages and Qualifications!

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Fha Mortgage Streamline Refinance loans are ready to homeowners that financed their homes with Fha Loans.

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How is Fha Mortgage Streamline Refinance Loans - Advantages and Qualifications!

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First a dinky history on Fha Refinance Loans. They have been ready for a long time, all of the way back to the 1980's. Because of the popularity of Fha Home Loans the Streamline Refinance Loans have at least 20% of the home refinance shop and it is increasing at a steady rate.

Fha loans are very popular in today's housing shop because of the low 3.5% down cost and the lower prestige scores needed to qualify for a loan. Most conventional and insured conventional loans need 20% down payment. The prestige scores for Fha loans can be colse to 620.

There are many advantages for this type of refinancing.

The Advantages of Fha Mortgage Streamline Refinance Loans:

1. The homeowner can get a lower interest rate and this will help them to sell out their monthly mortgage payment.

2. They can convert the terms of their existing loans such as the length of the loan.

3. Quick processing and reduced paperwork and documentation. This is how they get the name "streamlined". It will take less time to close and you will spend less time trying to get all of the paperwork and information together.

4. Closing costs can be can pick to consist of them in the new loan if there is enough equity in the home or they can pick to have no Closing costs but that may supervene in a higher interest rate.

5. The homeowner does not have to verify revenue or employment status.

Of procedure there are some qualifications that you will have to meet in order to get the Streamlined Fha Refinance loan.

Fha Mortgage Streamlined Refinance Loans Qualifications:

1. You can not be delinquent on your monthly mortgage payments within the last 12 months.

2. The new mortgage loan must reduced monthly payments or the length of the loan.

3. No cash-out option is available.

4. No prestige qualifications.

Unfortunately things may be changing. Fha is inspecting changes to their loan program because of the cost of increased home foreclosures. Among the changes being discussed are the growth in mortgage insurance and higher prestige scores to qualify for a mortgage.

If you are inspecting refinancing your home mortgage now is a good time to do it before the changes take place!

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