An FHA Home Loan is a Federal Housing Administration mortgage loan, backed with insurance, which is made by FHA approved lenders. The FHA extends its insurance on these loans in United States. The FHA was introduced during the Great Depression to encourage home ownership through mortgages with borrower-friendly terms.
FHA Streamline Refinance Guidelines
What is an FHA Streamline Refinance?
FHA Streamline Refinance is a mortgage program aimed at making refinancing options available, with flexible terms, to current home owners who already have an FHA mortgage loan.
Advantages of FHA Home Loan
Due to toned down and flexible rules and regulations, it is comparatively easy to get an FHA Home Loan. This is a good option for first time home buyers in MA since it offers a lower down payment, lesser interest rates and flexible underwriting standards.
FHA Streamline Refinance Process
The FHA streamline refinance loan is certainly a better option than a conventional loan. This loan is meant for existing FHA mortgagors to refinance their loan requirements. The program mentions that you can refinance your underwater home practically without verification of employment, income or credit; implying that there is an appraisal waiver. Of course, however, it does come with a string of other terms and conditions.
Qualifying for FHA Streamline Loan
These loans are available only for those who’re going to buy the house as a primary residence. The following conditions have to be met if you want to qualify for a FHA Streamline Loan:
- You’ve made; on time, paid in full mortgage payments for the past 12 months.
- Your mortgage must be insured by the FHA
- You should be the owner of the property for at-least six months before applying for the streamline loan.
- You need an FHA approved lender or a bank.
Looking for the correct advisor?
If you’re looking for an advisor who can facilitate your FHA streamline loan in Massachusetts and advice you how to go about it, Drew Mortgage Associates can provide the perfect guiding hand as an FHA Streamline Mortgage Lender. With great interest rates and mortgage insurance rates to meet your needs, we’ll guide you through the entire process and help you qualify.