Pittsfield, MA — (SBWIRE) — 03/28/2013 — Real-estate-yogi.com understands that he’ll need advice about this process, and is here to provide it, including:
– FHA Streamline Refinance Defined
– Eligibility for FHA Streamline Refinance
– Advantages to FHA Streamline Refinance
– No Verification of Information
Explanation of FHA Mortgage Streamline Refinance
An FHA Streamline mortgage refinance is a special financial product available only to those who currently have an FHA mortgage loan. Being part of the FHA Streamline mortgage refinance program is the fastest way for an FHA-insured borrower to refinance his mortgage. The program’s crucial characteristic is that there’s no need to have the home appraised. As an alternative, the FHA allows one to use the original price of the home as its current value, no matter what it is valued at today.
Qualify for FHA Streamline Mortgage Refinance Program at Lower Interest Rates , Apply Here!!
Eligibility Requirements for FHA Streamline Refinance
The first eligibility requirement for FHA mortgage Streamline refinance is to have a current FHA-insured mortgage. A homeowner must be current on his existent loan and have a history of on-time payments for one year. He must own the property for a minimum of six months before refinancing, and he must work with an FHA-approved lender. Closing costs must be paid up-front to make the process smoother.
FHA Streamline Refinance Advantages
There are several advantages to having an FHA refinance. FHA Streamline refinance mortgage rates are lower than those of non-FHA loans. They vary from 2. 25% to 2.75%. Private lenders may charge up to 5% or more. The difference between the two can mean a yearly savings of $3,000, or $250 per month. People whose credit leaves something to be desired can be approved for this type of refinancing, and the refinance mortgage is “assumable,” which means that if someone purchases one’s home, the loan can be taken over by the buyer.
No Need to Verify Data
When applying for an FHA Streamline refinance mortgage, keep this in mind: There is no need to verify any information on the application. That’s right; no checking of employment records, no looking at income, no confirmation of any data. It’s not as nutty as it seems; what the FHA does is “insure” mortgages, it doesn’t create them, so it’s in the best interests of the FHA to help lots of folks enjoy today’s low refinance rates. That’s why they don’t authenticate any data.
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Real-estate-yogi.com is here to help those in need of financial guidance receive it – at no cost –from the fiscal experts on hand, located in Pittsfield, Massachusetts. For a complimentary conference, dial 800-987-1397.
FHA Manual Underwriting
The minimum FICO for FHA Manual Underwrites is being lowered to 620
The Best Kind of Loan for Your Credit Score.
I’m often asked if having certain types of credit or loans is better or worse than other types of credit or loans.
I get questions like, “John, is it better to have a car loan
or a mortgage for my scores?” I also hear, “John, is it better to have a secured card or an unsecured card for my scores?”
In fact, you can swap in almost any type of credit-related account and I’ve been asked about that scenario.
I’ve been getting this type of question for almost 15 years now, and it seems that people believe there’s value or a penalty for having certain types of loans or accounts on your credit reports. That’s completely understandable and, thankfully, almost a complete myth.
First, let’s tackle the secured credit card, versus the unsecured credit card, versus the charge card question. The assumption is that the type of card has a direct impact on your credit scores. That’s an incorrect assumption, meaning, you’re not penalized or rewarded for having one type of card over another.
That doesn’t mean one form of plastic isn’t better or worse for your credit than another. For example, a secured credit card is easier to max out than an unsecured credit card.
Why? The reason is because secured cards have considerably lower credit limits than unsecured credit cards. It has nothing to do with the fact that one is secured and one isn’t. It has everything to do with the credit limits.
When it comes to installment loans, the issue of credit limits disappears because installment loans don’t have credit limits. They do, however, have original loan amounts.
An auto loan is likely to have a considerably lower loan amount than a mortgage, home equity loan and perhaps even a student loan. And, balances do matter on installment loans, albeit slightly.
Exactly like credit cards, credit scores do not treat installment loans of one variety or another differently. The collateral issue of balances can cause variable score impact, however.
One thing we haven’t addressed yet is the issue of missing payments and defaulting. Defaulting on a credit card, secured card, charge card, auto loan, mortgage, or any other kind of credit card, is treated equally — as one default.
You’re not penalized because you’ve defaulted on one variety of credit account versus another. You can, however, have a much larger default amount on a mortgage than any other type of credit account and that’s where the score impact can be variable.
The bottom line is: it’s not really the type of account that’s important, but it’s the incident that matters.
There is one very small exception to this rule. In fact, it’s so small that I thought very hard about omitting it.
There’s a chance your score could be negatively impacted if you have too many finance company accounts on your credit reports. These are the loans offered by consumer finance lenders who often target the near or subprime consumer.
Notwithstanding the consumer finance issue, the lender is also meaningless in your scores. So, you don’t get rewarded for doing business with a large, well-known credit card issuer and you don’t get penalized for doing business with a subprime credit card issuer.
In fact, credit scores are brand agnostic when it comes to your credit accounts. The most important factor is how you manage them.
Editor’s Note: This article by John Ulzheimer was originally published on MintLife.
See more from Mint.com:
Here is what you need to know: When someone’s Louisville Kentucky FHA loan goes into foreclosure, that home becomes a HUD home. HUD becomes the owner of the home and offers the home for sale to recover the loss on the foreclosure. This can create a big opportunity for Louisville Kentucky First Time Home Buyers, because HUD will allow you to obtain an FHA loanand instead of 3.5% down, you only have to put $100 down.
Other things to consider:
So you’re asking how do I find these homes. As mentioned, only certain homes are available for the $100 down HUD program, so you need a Realtor that is knowledgeable about the program and has access to the bidding process. The bidding process can be overwhelming unless you are working with the right people. Call me today to get pre-approved and I can refer you to a Realtor in your area that can get you a home, with only $100 down.
Mortgage Rates Louisville, Kentucky
Current Louisville Kentucky Mortgage Rates Today
Mortgage Product Mortgage Rates (APR)
Kentucky Mortgage Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC, and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.
A 720 credit score or higher is assumed for a Kentucky Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.
Today’s Louisville Kentucky Mortgage Rates may contain points
Subject to credit approval
Rates are subject to change without notice.
Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC, and 620 credit scoresfor a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required.
A 720 credit score or higher is assumed for Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Conventional loans are assumed at 80% ltv or less.
Free Credit Report and Pre qualifications available anytime.
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This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA
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