The FHA Streamline Refinance Mortgage Loan is still a good deal for many homeowners.
Interest rates are near historical lows!
The calls are starting to come in... And quite a few of the callers have already been advised by the DallasLoanGuy to NOT refinance. It just doesn't make sense for every homeowner.
But, if you have a rate that will adjust in the near future or your fixed rate is 6% or higher.... This might just be the opportunity that is too good to pass up. It costs nothing to bring your profile to a professional Mortgage Banker for a tune up. And you could save thousands in interest payments over the life of your mortgage. (Note: Some lenders charge an application fee... And should be avoided).
At DallasLoanGuy.com, we refinance Convetional, FHA & VA loans.
FHA clients have a unique option not available to conventional borrowers. The Streamline Refinance. 
There are three of FHA Refinance options.
1. Non credit qualifying without appraisal.
2. Non credit qualifying with appraisal.
3. Credit qualifying, or full doc refinance.
UPDATE: Credit qualifying or not... Lenders now require 620 FICO.
The Non Credit Qualifying FHA Refinance, without appraisal.
This loan is a pleasure. Streamline Refinances WITHOUT an Appraisal. The maximum insurable
mortgage is the Original Loan Amount: The original principal balance on the mortgage (which will
include any upfront mortgage insurance premium) plus the new upfront premium
that will be charged on the refinance. This loan does not require the borrower to re-qualify. Income/debt/assets are not considered. Verification of on-time payment of current loan are the only qualification.
If the borrower doesn't have sufficient equity, the 'with appraisal' option may be required.
The Non Credit Qualifying FHA Refinance, with appraisal.
The maximum insurable mortgage is the lower of the appropriate loan-to-value ratio
applied to the appraiser’s estimate of value or the sum of the existing indebtedness
and related closing costs and prepaid expenses for the refinance.
Again, the income/debt/asset information is not considered. Verification of on-time payment of current loan are the only qualification.
Credit Qualifying
This loan is used when the borrower will experience an increase in payment due to length of term or deletion of a borrower. Assurance of ability to make future payments is considered. The lender must provide a verification of income, a credit report, compute the debt-to-income ratios and determine that the
borrower will continue to make mortgage payments
As you can see, the FHA borrower has many more favorable options than others.... Call the DallasLoanGuy Today to explore whether a Rate & Term Refinance is right for you!!
Tom Burris
DallasLoanGuy.com
Dallas, TX
"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/
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While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.
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