Get To Know FHA Streamline Refinance Program

Among the many options available to existing homeowners is the FHA streamline program, which is available in all states, including Utah. These types of loans are available by consulting with your local mortgage broker to best deal with your particular home financial details. Aside from entertaining your queries, consulting with a local mortgage broker can also leave you with more information on lowering your home costs, and bring your greater access to financing options.

FHA streamline refinance have been around since the 80s. This is a very good option for homeowners to consolidate their mortgage and experience the freedom to choose the amount of payments they can handle.

The Federal Housing Administration or the FHA has several certified lenders that will assist you in the process. You can even get financial assistance when refinancing. Among the things included in the FHA guidelines for refinancing are income and collateral.

The guidelines stated by the FHA depend on some compensating factors like low debt to income ratio, low loan-to-value ration or length of employment.

FHA loans, just like any other loans, are given to eligible borrowers with good credit scores. But it doesn’t mean those without a good credit standing can’t qualify. FHA will still allow such people to get approved as long as they have not filed any declaration of bankruptcy in the last five years since the application.

Some technical requirements for an FHA loan include a verification of the mortgage payment history for the last 12 months (or the length of time the mortgage has been held). HUD’s Credit Alert Interactive Voice Response System (CAIVRS) need not be checked, but a check of HUD’s Limited Denial of Participation (LDP) and General Services Administration (GSA) exclusion lists. Also, a termite report is not a requirement under the FHA guidelines.

The eligibility for an FHA loan may be broader than you think. This is why we always suggest you consult with your local certified mortgage broker to get a good idea of where you stand as far as the timelines for application, and waiting period are concerned.

Who knows, you could be one of the many people who have benefited from the FHA streamline refinance program.

Have you been trying to locate the very best Utah mortgage broker to help you secure your next mortgage? We can help you with any types of loan include a Utah FHA streamline refinance! Visit our site today to check out our interest and to get started!