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Thursday, August 28, 2008

The ceiling is lower in lowcost housing markets. You can learn about your refinance options, including an FHA Refinance as well as other types of loan refinances. This is the first time in three decades HUD had made a request to Congress for a taxpayer subsidy. There is an up front mortgage insurance premium rates factor in credit scores, whereas FHA mortgage insurance premiums do .

Dont most lenders require verification of income and full appraisals. They once did and are increasingly demanding them . FHA mortgages have no mortgage value cap. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The agency also requires verification of your income and assets and a full home appraisal to make a loan. Is a 30year fixed mortgage best for you. Can only a first time home buyer use the FHA loan program.

Already, as conventional sources of mortgage credit have been contracting, FHA has been filling the void. Let us help you find the solution. More information raquo FHA LoansFHA Loans offer many advantages. See how fast and easy your mortgage refinance can . Much is the mortgage insurance on an FHA loan. Save over 50 off the newsstand price. FHA insures loans for lenders against defaults. These are expected to be available by April. Be put into effect until 20 percent of the mortgage has been paid.

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. Get the refinancing answers you need, and learn about the best refinance loans for your situation. FHAs have changed dramatically, learn why. Finding the right home for you and your family requires a great deal of work and decision making. Miller has been featured on such media outlets as Oprah, The Today Show, NPR and CNN. Can you save money with an ARM. That would avoid taking out a credit line or second mortgage for the improvements. We take longterm mortgages for granted today, but it wasnt always that way. There is a lot of interesting analysis in this speech, something worth reading. What are the fees on each.

Find out on the Quicken Loans blog. There are some excellent resources on the internet to learn. Of the loan amount upfront, also for insurance.

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Thursday, August 28, 2008

Refinance FHA and Lower Your Payments
By: Connie Sanders

FHA mortgages have always been very good loans for the homebuyer. In today's market the FHA refinance programs offer maximum benefits to the homeowner that wants to lower payments or get out of an adjustable rate mortgage. FHA offers three types of refinance mortgage loans: Cash-Out, No Cash-Out, and Streamline Refinance.

Streamline refinances can only be used on a current FHA mortgage. They can be done with or without an appraisal, and with or without credit qualification. The borrower cannot receive any cash back with a streamline refinance.

Loan Type Conversion Allowed:

1. 30 yr fixed to 30 yr fixed: The new payment must be lower than the old payment.

2. 30 yr fixed to 15 yr fixed: New payment cannot be more than $50 higher. Note: 15 yr fixed to 30 yr fixed is not allowed.

3. Fixed Rate to ARM: Owner occupied homes only

4. ARM to Fixed Rate

5. ARM to ARM: Rate must be lower than current loan

6. 203K to 203B

Streamline Refinance "Without" An Appraisal:

The new loan amount cannot be more than the original loan amount, OR more than the current principle balance plus closing cost. ... Which ever is less. This only applies to owner occupied as non-owner occupied borrowers can only refinance the existing balance do not have the option of rolling in the closing costs.

The only credit verification required is a verification of mortgage payments. This can be done with 12 copies of cancelled checks, front and back. IF cancelled checks are available, no in-file report is required unless the underwriter prefers that method to verify mortgage payments.

Streamline Refinance "With" An Appraisal:

An FHA streamline refinance with an appraisal allows the borrower to finance in the closing costs, discount points, and prepaids provided it all fits within the loan to value limits. The new loan amount may be the current principle plus closing costs, discount points and prepaids, OR, the appraised value x 97.75% (97.65%, or 97.15%, high or low cost state). Which ever is less!

IF the smallest of these two values is greater than the original mortgage balance credit verification is required.

Streamline Refinance - "Credit Qualifying":

The loan amount is calculated based on the previous formulas and qualifying requires full employment verification, credit report, and debt to income ratio compliance. Typically these loans are used when the new mortgage payment will be higher, deletion of a borrower on new mortgage, or in assumptions involving due-on-sale clauses.

FHA "No Cash Out" Refinance:

This regular no-cash-out loan may be used to refinance an FHA mortgage, VA mortgage, or a conventional mortgage and requires the borrower to fully qualify. Second mortgages may be included in the new loan if they are older than one year or you can prove that the funds were used solely to repair or rehabilitate the home. If not, paying off or including these loans would be considered a cash-out refinance.

This loan can be used to buy out the equity of an ex-spouse provided it is documented in the divorce papers. It is still considered a no-cash-out because this equity is considered indebtedness.

IF the property was purchased less than a year ago and is not currently an FHA loan, the loan amount will be the appraised value plus closing cost, OR the original sales price plus closing cost. Which ever is less!

If the home was purchased more than a year ago and does not have FHA financeing, the loan amount should be calculated as the "streamline refinance with an appraisal" above.

FHA "Cash Out" Refinance:

This loan can be used to refinance a conventional mortgage, VA mortgage, or FHA mortgage. This loan has many advantages: Max loan to value is 75% for conventional loans but FHA loans allow 85% plus a portion of the closing costs.

The property must be owner occupied and the borrower must fully qualify.

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Connie Sanders has been in the real estate and mortgage industry for many years. Connie believes knowledge is power. Connie owns a Free For Sale By Owner web site and an information site on FHA Mortgage Underwriting Guidelines.

About The Author:

Source: http://www.articlealley.com/article_467727_19.html Occupation: Certified Mortgage Specialist Connie Sanders is a strong advocate for educating the consumer about mortgage loans before they apply for a loan. Connie put together a mortgage information web site at: Mortgage Underwritersand can be contacted there with any questions you may have. http://www.mortgageunderwriters.com