FHA Streamline loans can help homeowner's lower monthly mortgage payments and interest rates. But as with any other government program there are special requirements for an FHA Streamline loan? Outside of currently having an FHA loan, the other requirements for an FHA Streamline Refinance are:
- Being current on the existing loan with all mortgage payment, for the last 12 months. A delinquent mortgage will not be approved for a refinance.
- You must own the original property for at least six months before you can qualify for refinancing.
- For an FHA streamline you must close through an FHA-approved lender. If you don't want to use your current lender, the bank you choose must be FHA approved.
- FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.
- Closing costs must either be paid through the amount of the loan or at close. When closing costs are paid at close, a cashier's check or money order must be submitted upon loan closure
Learn more about the FHA Streamline Loan
An FHA loan is the easiest type of mortgage loan to qualify for; because FHA loans are insured by the government they make it effortless for the lender to offer you the best possible deal:
- Minimum 3.5% Down Payment
- Low Monthly Mortgage Insurance
- Low Closing Costs
- Relaxed Credit Score Requirements
- Quicker to Qualify Post-Bankruptcy
- If you want to sell your home, they buyer can "assume" your loan
- FHA Loans are not just for first time home buyers
Learn more about the FHA Loan
In October 2011 the government made favorable modifications to the existing HARP (Home Affordable Refinance Program). Many people are finding it hard to refinance their mortgage loans, as their mortgage balance is greater than their homes current value. If you are in such a situation, then you should consider the Making Home Affordable Program - HARP. You may be eligible for HARP if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage must not have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
Learn more about the HARP Loan
Serving our country is commendable and those individuals who do so should be allotted certain privileges. In turn, the government has made the home buying or refinancing process trouble-free for VA mortgages:
- Available to active military members, veterans and qualified surviving spouses.
- No down payment (for qualified borrowers).
- No Mortgage Insurance required (for qualified borrowers).
- Low VA Loan rates, because all loans are insured by the federal government.
- Free counseling available from the VA in case of financial difficulties.
- Refinancing is easy as you can refinance up to 100% of your loans value
Learn more about the VA Loan
American Financing can help individuals in rural areas get into that new dream home or save money on their current mortgage loan.
- USDA loans apply to homes in a rural area.
- No down payment needed(for qualified borrowers).
- Fixed interest rates.
- Flexible credit requirements.
Learn more about USDA loans.
With every client, we strive to make this your best mortgage experience through a seamlessly easy mortgage process and exceptional customer service.
- You will be greeted by a live person when you call.
- We will give you proactive updates on the status of your mortgage.
- Our goal is to be your Go-To-Lender. Your mortgage consultant will be there to answer any of your questions and guide you through every step of the mortgage process. Your convenience is our priority; in turn we can meet you at your home, schedule a time to meet in our office, or utilize eSign from your personal computer.
- Information needed for a fast closing:
- Last 2 pay stubs from each job
- Last 2 years Tax Returns and W-2's (all schedules)
- Last 3 months checking, savings, and investment account statements
- Homeowner's declarations page (shows insurance coverage amounts of home and its contents)
- Copy of 1st and 2nd (if applicable) mortgage(s) and note(s). Most recent statement(s) on those mortgages if available
- Prior title work and appraisal
- Copy of divorce decree and bankruptcy papers (if applicable)
- Letter of explanation on and derogatory credit or prior bankruptcy
- Final purchase agreement(s) and listing sheet
- If self-employed see your mortgage consultant for requirements
- Certification of Eligibility or DD214's (VA only)
- Address of other real estate owned
- Have Questions? You can call us, chat with us online, or send us an email You can also Join Us on Facebook or Follow Us on Twitter to stay on top of changes in the mortgage industry.
American Financing is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.
American Financing is a Direct FHA Endorsement Lender
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