FHA Streamlines and Credit Score
January 1st, 2012 by Staff 1 comment »
FHA Streamlines and Credit Score, Recent News
For the longest time, credit scores were not even a consideration on FHA Streamlines.
What about now?
While FHA still has no minimum credit requirements per the HUD guidelines, most if not all lenders are verifying credit scores. There are minimum score requirements as well as “adjustments” for scores under a certain level. Unfortunately, every lender sets their rules a bit differently, but there is some general consensus among the industry.
Scores Read more [...]
FHA Streamline Refinance, Who, What, When, Where, and Why?
December 24th, 2011 by Staff 1 comment »
What is the FHA Streamline Refinance program?
Quite simply, it’s a program developed by FHA to allow FHA mortgage holders to refinance without all of the normal hassles in obtaining a standard or conventional refinance. It’s been around for about 25 years and has varied in popularity as much as the Billboard top 20 hits over that same time period. Some of its unique identifiers are as follows;
No appraisal required. A huge help in today’s real estate environment.
No income qualifications, Read more [...]
FHA Streamline Refinance VS. FHA Rate Reduction. Which Is Better?
December 2nd, 2011 by Staff No comments »
They are exactly the same. Often lenders attempt to differentiate themselves by changing the language a little bit. FHA Streamline, FHA Rate Reduction, and IRRL (Interest Rate Reduction Loan), but they are all the same.
An FHA Streamline, FHA RATE reduction, and IRRL are all categorized by the same characteristics.
No Appraisal Required
No income, or debt to income requirements.
No credit qualifications. * See article on CREDIT SCORES
No bank statements
No tax returns, W2’s or Read more [...]
FHA Streamline MIP PMI UFMIP MMI, What?
November 16th, 2011 by Staff No comments »
FHA Charges insurance premiums to guarantee your loan. You are probably very aware of that fact as you pay that insurance premium each and every month, but many homeowners forget that there is also an up-front premium. Yes, FHA loans have 2 types of insurance premiums, both Up front, and monthly.
The Up Front Mortgage Insurance Premium (UFMIP, or just MIP) is collected at closing. It has ranged in cost from 2.25% to as little as 1%, which is where it still sits today. MIP Calendar
Do I Read more [...]
FHA Streamlines MIP Calendar
April 12th, 2011 by Staff No comments »
HUD has changed the MIP factors several times in recent years. The following applies to FHA loans with 30 year terms, actually any term greater than 15 years.
Effective 4/5/2010
Up front premium changed to 2.25% of the base loan amount.
Annual premium for loans less than or equal to 95% LTV (Loan to Value) - 0.50%
Annual premium for loans greater than 95% LTV - 0.55%
See full details........ FHA MIP CHANGES April 2010
Effective 10/4/2010
Up front premium changed Read more [...]
