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Streamline Rates As Low As 2.7% 3.3 APR* FIXED

2.7% 3.3 APR* FIXED Streamline Rate
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FHA Streamline Program Still a Bargain for Homeowners

By: Rosemary Rugnetta | June 13th, 2013

Many homeowners have taken advantage of the FHA streamline refinance program which is a quick and easy way to move to a better mortgage. While home buyers may think twice before opting for an FHA home purchase loan due to changes in guidelines, this is not the case for those who are refinancing. The FHA streamline program is still a bargain for homeowners who have FHA loans.

With the FHA streamline, the loan to value is insignificant. While other FHA guidelines have become stricter, the streamline with no cash out does not require a credit check or income verification. FHA uses the current mortgage payment history as proof of credit. It is required that the borrower have a satisfactory on-time mortgage payment history with FHA.

A current loan to value ratio is not necessary which means that an appraisal is not ordered by the lender. The FHA guidelines allow the use of the original value of the property when processing a streamline loan.

At this time, FHA loan rates are still low and competitive. In fact, as mortgage rates have been fluctuating, FHA loan rates are currently lower than conforming rates. With this in mind, the FHA streamline program is still a bargain for homeowners who already have older FHA loans. As an added benefit for homeowners who have FHA loans that were endorsed prior to June 1, 2009, the upfront and annual mortgage insurance premiums continue to be drastically reduced, an offer that is available until the end of 2013.

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Latest FHA Mortgage News April 1st, 2014

  • New FHA Mortgage Insurance Premium Cancellation Policy

    By: Rosemary Rugnetta | April 26th, 2013

    There are many changes going on with FHA mortgages which are being implemented in order to improve the financial future of the Federal Housing Administration. Recently, FHA raised the annual mortgage insurance premium again which has made it a little … Continue reading

  • Time to Act Is Now to Avoid Higher FHA MIP

    By: Rosemary Rugnetta | February 26th, 2013

    In approximately one month from now, the costs for FHA mortgages will be changing as the latest guidelines have already been released. It is time to act now to avoid the higher FHA MIP (mortgage insurance premium) that is set … Continue reading

  • How FHA’s Qualifying Ratio Affects Home Buyers

    By: Rosemary Rugnetta | February 22nd, 2013

    FHA guidelines have been undergoing changes over the course of the past several years. The most recent change is related to the acceptable qualifying ratio, as well as, an increase in the annual mortgage insurance premium. Home buyers should understand … Continue reading

  • FHA Mortgage Updates Coming Soon (Video)

    By: Rosemary Rugnetta | February 18th, 2013

    Even though FHA loans continue to provide low to moderate income level borrowers with a means of financing, FHA mortgage updates to the fees and guidelines are coming soon. FHA, the Federal Housing Administration, is making changes in order to … Continue reading

FHA Mortgage 101

FHA Mortgage Videos

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HIgh Loan Limits for Conforming/FHA Jumbo Loans 20132/4/13 8:30pm