When is a loan eligable for a streamline refinance

The loan you are refinancing must be an FHA Loan (can not have been a FHA Secure Loan). The old and new terms must fall under one of the following scenerio's

ARM-ARM Immediate payment reduction required and the maximum interest rate of the new mortgage doesn't exceed the maximum interest rate of the old.
ARM-Fixed Interest rate on the new Fixed will be no greater than 2% above the current rate of the ARM
Fixed-ARM Interest rate of the new mortgage is at least 2% below the interest rate of the current mortgage
Fixed-Hybrid ARM Immediate payment reduction is required

The loan being refinance must be FHA insured and you can not increase the term of the loan more than 10 years.

Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

What Documents are needed to do a Streamline loan

Putting together a FHA Refinance streamline loan is simple. You generally do not need to document credit, income or appraisal value. There are exceptions and I will go into that at a later date. The following documents are needed for a streamline loan:
Old case number
Original note
12 month Mortgage Rating, if the loan is new document from the time of the new loan(MLHL allows 1x30 days late in the last 12 months)
Application (short version)
– Name, address, social security and phone
– Current employment, phone
FHA Streamline worksheet
New FHA Transmittal
Netting Authorization from FHA Connection
Verification of Social Security number
Borrowers authorization form signed
CAVIRS
Disclosures


Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

HUD Homes can help homeowner strapped for down payment

With the market getting tighter the need to find a 100% loan is becoming increasingly harder to find. Don't forget HUD homes. The borrower finds a realtor that deals with HUD homes and makes a bid on a property that is owned by HUD. If the bid is accepted the down will be specified in the sales contract usually the down is $100, $500. If you want to know more go to

About Buying HUD Homes

Property Searh
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com

FHA announces 2009 Loan Limits

FHA issues Mortgagee Letter 08-36 announces 2009 Loan Limits

Attachment I -- FHA Loan Limits for Areas AT CEILING AND ABOVE

Attachment II -- FHA Loan Limits for Areas BETWEEN CEILING AND FLOOR



Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to www.mtgview.blogspot.com or www.dutips.blogspot.com