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A conventional refinance is the loan of choice for many homeowners in today’s market. While HARP and FHA have dominated the refinance market in years past, the standard conventional refinance is becoming the go-to option now that home equity is returning across the nation.
The FHA loan program will let you purchase a home with a low down payment and flexible guidelines. FHA refinance mortgages are a great option for those who want to lower their monthly mortgage payment or consolidate their bills.
HUD.gov / U.S. Department of Housing and Urban Development (HUD) – Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. streamline refinances are available under credit qualifying and non-credit qualifying options.
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An FHA streamline refinance is a faster and cheaper way to get a better deal on your FHA-insured mortgage. Not all FHA streamline refinance lenders are the same.
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Your neighbors seem to refinance their mortgage loan every month, bragging about the ever-lower interest rates they’re nabbing. You’re paying off a mortgage loan insured by the Federal Housing.
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The only way to get rid of the premiums is to refinance into a non-FHA loan or to sell your home. FHA loans tend to be popular with first-time homebuyers, as well as those with low to moderate.
FHA loans require the homeowner to pay monthly to insure against the extra risk the government’s taking on, since loans are offered with as a little as a 3.5% down payment. Once you have 20 percent equity in your home, you may be able to refinance an FHA loan with a conventional home loan and drop the mortgage insurance.
Benefits of FHA Loans: Low Down Payments and Less strict credit score requirements. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing.