PRLog - Jan. 4, 2013 - It could be needless to say that streamlined FHA refinance programs facilities permit lenders to process home refinancing loan applications faster as the underwriting requirements could be less. Eligible homeowners could be able to make use of these streamlined procedures and qualify for reduced interest rates as well as low refinancing costs. Nevertheless, to secure benefits of FHA streamline refinancing, borrowers will have to have to have some understanding of the qualification task. Here is some crucial information pertaining to the same that readers may find useful if they are out to get homes refinanced.
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It may be agreed that the FHA streamline refinance requirements are extremely lenient but there may be basic conditions that are needed to be satisfied.
1. To qualify for a mortgage refinance with the FHA, your existing home loan must be insured by the FHA and so you have to ensure that you have secured it from an FHA approved lender. Furthermore, you also need to have a steady source of employment with a regular and stable monthly income.
2. Only those homes which are principal residences may qualify for FHA refinance programs. So ensure that you have been staying in your owned home for at least past one year. An additional requirement makes it mandatory for borrowers to remain current on their monthly payments for the last 12 months.
3. In most cases, no new home appraisals could be required and this will reduce the amount of paperwork which will enable you to save money and time.
4. The FHA streamline refinance requirements could be stringent if you are trying to shift from an existing adjustable rate mortgage to a low fixed rate mortgage.
5. FHA does not allow borrowers to draw huge amount of cash through its streamlined facility unless there is lot of equity built up in the applicant’s home.
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On the internet, there may be firms which teach you how to get approved for FHA refinance programs. You may seek help from such agencies and find out if you can qualify for a solution that works. Remember, companies, which offer mortgage services online, employ professionals who are essentially mortgage specialists. As a result, when you seek their assistance, you get assisted by a competent local expert who is well versed with the eligibility guidelines and process requirements that apply to FHA streamlined refinancing. However, you need to make sure that you are working with a reputed firm.