We have an FHA-insured mortgage and are looking into FHA home loan refinancing because we need to lower our monthly payment. The problem is that I have no idea how to go about getting such a refinance. I was talking with my girlfriend about this, and she enthusiastically suggested that I go online to Real-estate-yogi.com to find the information I need. Am I ever glad I listened to her! This free consumer resource website is a veritable font of all sorts of property-associated financial information! It’s easy to navigate the website and get to where you need to go, so I strongly recommend that you, too, go to it for your property financing inquiry responses.
I’d like to share with you just some of what I learned from Real-estate-yogi.com. The Federal Housing Authority has a few options for FHA home loan refinance. First, there’s the FHA Secure program, which was designed to help those who currently have FHA-insured loans to avoid defaulting on their mortgage loans and avoid foreclosures. Also, homeowners who have non-FHA-insured adjustable rate mortgages can qualify for this program. Then there’s the FHA Streamline refinance, which is the fastest way for an FHA-insured homeowner to refinance his mortgage. It’s easy to qualify for because there is no credit check, no income verification, or proof of employment. Eligibility requirements for this program include that a homeowner have a perfect payment history going back at least 3 full months, the loan must have a purpose, and the amount of it cannot be increased to cover the costs of the loan. Not too tough, eh?
Additional information about FHA refinance of a home loan contains such interesting tidbits as the existence of an FHA Streamline MIP refinance for mortgages originated before June 1, 2009. If this is the case for you, your loan insurance has been “grandfathered,” so you’re able to refinance via the FHA Streamline program and to pay both your straight MIP and your annual mortgage insurance premiums at a reduce rate. According to Real-estate-yogi.com, there is yet one more FHA home refinance with low rates. It’s called the Hope for Homeowners program and it was designed to offer homeowners who were stuck in high interest mortgage the opportunity to refinance in to a lower rate one. There is a catch to this program, though: If a person were to sell the home after receiving the refinance, she would have to split the equity in it with the FHA. I don’t think that’s such a bad thing because the FHA is helping someone out, but I guess others weren’t too fond of that stipulation.
www.Real-Estate-Yogi.com had wants you to know that it has knowledge about FHA home loan refinance rates, too, and that you can contact the website at 1-800-987-1397 to access it any time of day or night.