Real help available through the new FHA streamline refinance program for struggling Minnesota homeowners.
Maple Grove, MN -- (SBWIRE) -- 01/08/2013 -- A newly revamped FHA streamline refinance program offered by Minnesota mortgage lender, Mitch Kruger aimed at enabling even the deepest underwater or upside down homeowners to enjoy current record low mortgage rates and reduce their payments.
Until the release of the FHA Streamline Refinance program, Minnesota borrowers with FHA home loans have had limited opportunities to receive mortgage assistance.
The newly released FHA streamline mortgage no longer requires a home appraisal and offers superior savings in addition to many benefits which Minnesota homeowners may not even know exist.
In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:
- No appraisals required
- Lower Mortgage Insurance
- Lower credit scores OK
- 'No-cost' refinancing possible
- Can refinance even if 'underwater' or 'upside down'
- No loan balance increase to cover loan costs
- Minimal paperwork
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.
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.
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.
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.
FHA Streamline Specialist, Mitch Kruger 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".
Minnesota 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://mnmortgageinfo.com.