The FHA Streamline Refinance program has several requirements for loan approval: First, youll need a history of making payments on time in the past year, and at least six months must have passed since the closing date on your original FHA mortgage. Second, while there are no requirements for employment verification or income verification, you do need to provide copies of your W-2s or tax returns. Third, your loan balance cannot increase to cover closing costs. You can only add the upfront portion of the required mortgage insurance premium to the balance of your loan.
Full original article: A Simple Refinance for FHA Mortgages
Latest Mortgage Rates: Wells Fargo Fixed, ARM and FHA Refinance Mortgage Rates for November 11
You don’t FHA Home Loan Group of TX need an appraisal, you don’t need proof of income, you don’t need a credit check, you don’t even need to be employed. Basically, all you need to do is be current on your mortgage and made all your payments on time over the past year. The catch is that you can only qualify for an FHA Streamline Refinance if you already have an FHA mortgage. The reason is pretty simple – since the FHA already backs your mortgage, they’re the ones who are on the hook if you default. So if refinancing will help make your mortgage more affordable for you, it’s all good to them. Reduced costs The changes announced today significantly reduce the fees usually charged for FHA mortgages and refinancing.
Full original article: The New FHA Streamline Refinance
The New FHA Streamline Refinance
The 5/1 ARM for mortgage refinancing can be had at 3.000% and the package features an APR figure of 3.076%. Regarding the 5/1 ARM FHA version of this flexible loan, its provided at a rate of 3.000% and has an APR figure of 3.945%. Browsing through additional home refinancing options that apply to larger loan amounts, the 30-year fixed deal is set at 4.500% and it features an APR variable of 4.629%. For larger loan amounts, Wells Fargos mortgage program also includes the 30-year fixed FHA-backed deal, which can be used to refinance an existing mortgage.
Full original article: Latest Mortgage Rates: Wells Fargo Fixed, ARM and FHA Refinance Mortgage Rates for November 11