Struggling Illinois homeowners now have real help available through the new FHA streamline refinance program.
Schaumburg, IL -- (SBWIRE) -- 09/05/2012 -- Illinois mortgage lender, Dan Schwellenbach is now offering a newly revamped FHA streamline refinance program aimed at enabling even the deepest underwater or upside down homeowners to reduce their payments and enjoy current record low mortgage rates.
The newly released FHA streamline mortgage no longer requires a home appraisal and offers superior savings in addition to many benefits which Illinois homeowners may not even know exist.
Until the release of the FHA Streamline Refinance program, Illinois borrowers with FHA home loans have had limited opportunities to receive mortgage assistance.
In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:
- Lower Mortgage Insurance
- No appraisals required
- 'No-cost' refinancing possible
- Lower credit scores OK
- No loan balance increase to cover loan costs
- Can refinance even if 'underwater' or 'upside down'
- Minimal paperwork
The Federal Housing Administration (FHA) who insures these home loans actually has no minimum credit score requirement and requires no income verification, although each individual mortgage lender may have their own underwriting guidelines requiring a minimum credit score and additional income verification.
Still, what is really different about the new streamline program is the reduction of mortgage interest for those whose original loans were endorsed on or before May 31st, 2009. According to the FHA this equates to additional savings of over $3,000 at closing and over $100 a month for the average borrower compared to the previous program.
This is on top of the ongoing payment savings for a borrower, which could be thousands of dollars per year depending on the loan amount and interest rate change.
Clearly, no borrower could ask for an easier mortgage program to qualify for and the savings could be quite significant, even for those who already thought they had pretty attractive rates.
FHA Streamline Specialist, Dan Schwellenbach says "these FHA loans are an exciting way for people to enjoy double savings with lower monthly mortgage payments and faster equity building with the long term restructuring".
Illinois property owners who currently have FHA loans can discover more information on the program and check out the 60 second eligibility form for personalized quotes and savings calculations at http://fhastreamlineil.com.