Madison, WI -- (SBWIRE) -- 10/26/2012 -- Borrowers could secure qualification for a FHA Streamline Refinance Loan Program and make mortgages more affordable. The plan has less underwriting guidelines and as a result, the process of obtaining approvals could be much faster. Nevertheless, to qualify for the refinance home loan with the FHA using its streamlined facility, applicants need to meet few eligibility guidelines. For example, only those mortgage loans could be eligible for refinancing which are being owned or guaranteed by Fannie Mae and Freddie Mac. Besides, there may be an additional condition which stipulates that existing FHA home loans also have to be endorsed before the 1st of June, 2009 if they are to be considered for a streamline refinance. One must know that the FHA has now cut fees for upfront as well as annual mortgage insurance premiums and so homeowners, who meet the qualifying criteria, could be able to save a great deal of money by refinancing their homes at lower interest rates.
Nevertheless, borrowers, who may be considering applying for a FHA Streamline Refinance Loan Program, need to ensure that their mortgages are not delinquent. One must know that the FHA’s streamlined home refinance plan is not meant for people who are struggling to pay their mortgage payments. On the contrary, it seeks to reward those who are current on their mortgages despite facing financially hard times. In any case, a borrower’s chances of getting approved will depend on the “Net Tangible Benefit” which is likely to accrue during the process. For refinancing through the FHA, this Net Tangible Benefit has to be at least 5% which will only imply that monthly installment on the new home loan has to be less by 5% as compared to that which the homeowner is currently paying. The main advantage of getting approved for FHA streamline refinance plan is that lenders will not verify credit, income or employment histories of applicants.
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Form the aforesaid, it may be deduced that the FHA Streamline Refinance Loan Program could be the most appropriate option for borrowers whose present mortgage are backed by the FHA and who have dwindled monthly incomes or are receiving unemployment insurance benefits on account of loss of jobs. And one must be aware that FHA streamlined refinancing will not require applicants to undertake new home appraisals. Therefore, the FHA schedule might prove to be one of the best propositions for homeowners that are deeply underwater on their home mortgages. Distressed borrowers thus have to opportunity to refinance their homes at lower rates of interests without having got to worry about the total amount of loan dues being owed as well as the existing market price of their homes. However, one must know that the FHA’s streamlined home refinancing services are basically no cash out refinances. Primary residences and investment properties can qualify.
Obama-loan modification is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has educated tens of thousands of borrowers in learning how to get qualified for affordable mortgage interest rates and hence, significantly reduced monthly payments. Consumers, who are interested in getting more information about low rate home refinancing, could visit their website at http/www.obama-loanmodification.com/loan modifications/ for getting more valuable information.