Real help for struggling Illinois homeowners is now available through the new FHA streamline refinance program.
Schaumburg, IL -- (SBWIRE) -- 08/15/2012 -- Illinois mortgage lender, Dan Schwellenbach has finally announced the release of the FHA Streamline Refinance program which can really help struggling local homeowners since qualifying for this program is easier than ever.
Many homeowners have become weary after years of promises that real help was on the way which would make their mortgage payments more affordable and enable them to avoid falling into foreclosure. However, until now initiative after initiative seemed unable to provide real assistance to property owners with FHA home loans.
HARP 2.0 delivered relief for some homeowners, but only for those with mortgages backed by Fannie Mae or Freddie Mac.
Thankfully, a real effort has been made to assist Illinois borrowers with FHA mortgages to reduce their monthly payments and take advantage of low interest rates.
This now means there are no appraisals being required to qualify so being underwater or upside down on their mortgage will not prevent homeowners from refinancing. The FHA has also announced that it is waiving the necessity for credit reports and income verification to enable more Illinois homeowners to qualify. However, it is important to note that individual mortgage lenders all have their own underwriting guidelines which may mean some income verification is needed as well as a credit check but most will still be far more lenient than trying to get approved for any conventional home loan today.
What is really different about the new FHA Streamline refinance program is the reduction in mortgage insurance for those who had their loans endorsed on or before May 31st, 2009. Until now, recent rate increases had eliminated much of the savings for those attempting to refinance or meant they had to bring cash to closing. Now 'no-cost' refinancing is available and that coupled with lower mortgage insurance rates can equal thousands of dollars in savings.
When asked about the new FHA streamline program benefits Dan Schwellenbach of Crosscountry Mortgage, Inc. said "This program finally delivers really substantial savings to underwater homeowners and anyone with an FHA loan who has not refinanced in the last six months should seriously consider this option, even if turned down before".
Those interested in finding out more about the FHA Streamline Program or would like to see if they qualify can discover more details on eligibility and receive a customized rate quote by visiting http://chicagomortgagesecrets.com.