Among the many options available to existing homeowners is the FHA streamline program, which is available in all states, including Utah. These types of loans are available by consulting with your local mortgage broker to best deal with your particular home financial details. Aside from entertaining your queries, consulting with a local mortgage broker can also leave you with more information on lowering your home costs, and bring your greater access to financing options.
FHA streamline refinance have been around since the 80s. This is a very excellent option for homeowners to consolidate their mortgage and experience the freedom to choose the amount of payments they can handle.
Certified lenders, such as those recommended by your local mortgage broker, are guaranteed by the FHA to provide the necessary funds that will allow you to refinance your home. The FHA has prescribed guidelines to lenders for loan approval. These guidelines include income, credit and collateral (property appraisal/downpayment).
The guidelines are flexible, if you need to know. But these depend on compensating factors like low debt to income ratio and low loan-to-value ratio. This is a excellent option for people who are also at risk for credit default.
FHA loans, just like any other loans, are given to eligible borrowers with excellent credit scores. But it doesn’t mean those without a excellent credit standing can’t qualify. FHA will still allow such people to get approved as long as they have not filed any declaration of bankruptcy in the last five years since the application.
Some technical requirements for an FHA loan include a verification of the mortgage payment history for the last 12 months (or the length of time the mortgage has been held). HUD’s Credit Alert Interactive Voice Response System (CAIVRS) need not be checked, but a check of HUD’s Limited Denial of Participation (LDP) and General Services Administration (GSA) exclusion lists. Also, a termite report is not a requirement under the FHA guidelines.
There are broader terms and concepts with regards to one’s eligibility for FHA loans. It would be best if you consult with your local mortgage broker to find out how you can qualify, and to see what other things you need to get approved.
If you are worried about losing your home in the future, talk to your mortgage brokers now and find out how you can be one of the many people who benefited from FHA streamline refinance loans.
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