Borrowers considering applying for the FHA streamline refinance program need to be aware of the updated eligibility guidelines and process requirements which apply. Besides, few months ago, the Obama administration announced steep cuts in fees for refinancing with the FHA as well as in drastic reductions in mortgage insurance premiums.
Madison, WI -- (SBWIRE) -- 09/14/2012 -- One could reap benefits with the FHA streamline refinance program is can qualify. Tens of thousands of borrowers may want to use the plan to save their homes as well as money but just because of lack of proper advice they could be faced with such hurdles. In the recent past, eligible homeowners had been able to refinance their homes at interest rates below 4% and to that effect, if someone intends to get benefited in the same way, it is necessary that he had a fair idea of the basic criteria for a qualification to FHA streamlines refinancing. Here is some crucial information pertaining to the same which readers might find useful during their effort to save their homes and reduce monthly payments.
As per the eligibility guidelines for streamlined FHA Streamline Refinance Program loans, borrowers must meet the below mentioned requisites.
1. Existing home loan must be insured by a FHA lender
2. Mortgage must be approved before 31st of May 2009
3. Borrower must be current on payments for past 1 year
4. Refinancing must result in at least 5% reduction in payments
5. Borrower may not be required to undertake a new home appraisal
6. Homeowner can apply even if he has a less than perfect credit score
7. It is presumed that borrower has a regular monthly income and so no verification is required
Check Your Eligibility To Qualify For FHA Streamline Refinance Program
In March 2012, the Obama administration announced steep cuts in FHA Streamline Refinance Program fees and mortgage insurance premiums. Eligible borrowers could be able to take advantage of these and so it is necessary that they improve their chances of getting quickly approved for the FHA home refinancing plan. But to earn a qualification some minimum amount of paperwork has to be prepared and submitted and to get an approval that has to be correct as well as accurate. It is from this perspective that probable applicants need to seek help from some expert who is well versed with the procedure requirements that apply to FHA streamlined refinancing.
On the internet, one may find several firms which offer assistance to navigate through the FHA Streamline Refinance Program process with ease. Such companies have experts to guide applicants in determining eligibility for a FHA streamline refinance Program as well as in preparing the desired documentation for improving chances of getting approved quickly. However, one needs to make sure that he is working with a mortgage service provider that is totally reliable and reputable. Reputed services even offer help for credit restoration so that borrowers get benefited over the long run.
LoansStore is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for FHA Streamline Refinance Program and hence, significantly reduced monthly payments. Consumers, who are interested in determining their eligibility for home refinancing, can visit their website at FHA Streamline Refinance Program for getting more valuable information.