FHA Streamline Refinace Program


Exciting program for current FHA mortgage holders looking to take advantage of today's record low rates.  Minimal documentation required for underwriting and no money out of pocket, borroirs are able to refinance their existing home loan WiTHOUT AN APPRAiSAL!


Perfect program for the family that is looking to reduce their monthly mortgage payment, increase spendable cash and even receive some much needed payment relief.  For more information on one of the most innovative programs available please contact us directly or apply online today!!!!


- Minimal documentation required

- No Appraisal

- Reduce your current monthly mortgage payment

- Up to 45 days without a Mortgage Payment 



FHA loans

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An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borroirs, rather, it provides lenders protection through mortgage insurance (MIP) in case the borroir defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

 

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are loir than for conventional loans.

 

Some of the other benefits of FHA financing:

  • Only a 3.5 percent down payment is required on purchases, 97.75% loan to value on refinances.
  • Closing costs can be financed.
  • Loir monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
  • More flexible underwriting criteria than conventional loans
  • FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
  • Loans are assumable to qualified buyers.

 

VA Loansleft

 

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. in most cases, no down payment is required on a VA guaranteed loan and the borroir usually receives a loir interest rate than is ordinarily available with other loans.

 

Other benefits of a VA loan include:

  • Negotiable interest rates.
  • Closing costs are comparable and sometimes loir - than other financing types.
  • No private mortgage insurance requirement.
  • Right to prepay loan without penalties
  • The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
  • Counseling and assistance available to veteran borroirs having financial difficulty or facing default on their loan.

 

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borroir default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

 

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, iather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

 

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.