Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
An FHA loan is a loan that is backed by the Federal Housing Administration. These types of loans can be ideal for first-time homebuyers and those who may not have large amounts to put down upfront for a down payment. An FHA Streamline loan is a specific type of loan that is meant for those who already have an existing FHA loan in general but wish to refinance swiftly.
Some of the main reasons for financing a current FHA loan would be to adjust the rate of interest, length of the loan amount, or find a way to obtain lower monthly payments. If your credit situation has improved, you may qualify for an even better interest rate. Another reason to refinance would be to add a co-borrower or to remove a co-borrow. This can be helpful as life situations are always subject to change.
As with other home financing choices, an FHA Streamline home loan comes with several options. Like other typical home loans, your term lengths can be 15 years or 30 years. Your rate can be fixed or adjustable. With the FHA Streamline mortgage choice, you can save time with reduced paperwork and money in the long run.
When looking for a better rate with an FHA Streamline mortgage, you can have peace of mind knowing you have a more affordable lower monthly payment that keeps you in your home even longer. Some of the other benefits of a Streamline home loan are:
What are the qualifications for an FHA Streamline refinancing home loan? Since this option is only available to those with a current FHA loan, you must be current with your loan payments. If there are any delinquent payments shown, a home buyer may not be approved for this financing option. You must also have had your mortgage for at least 210 days before applying. There are exceptions for this in certain circumstances but this is generally the standard requirement before being approved.
Another qualification for the FHA Streamline refinancing is there must be a net tangible benefit also known as an NTB to the borrower. The way it is seen by the FHA is that if your monthly payments are easier to make, the less likely you are to default on your loan. The NTB can be more specifically defined as a reduced combined rate, a 5% reduction to the principal and interest (P&I), a change from an adjustable rate mortgage (ARM) to a fixed rate mortgage, a graduated payment mortgage (GPM) to a fixed rate, or other similar criteria.
An FHA Streamline refinance loan can be an excellent way to lower your mortgage and monthly payment if you currently have an existing FHA mortgage. If this refinancing option sounds like the right choice for you, contact one of our qualified loan officers today. Let Firehouse Mortgage get you into the house you deserve.
Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
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Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.Sml.Texas.Gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.Sml.Texas.Gov.
