For current FHA loan holders, the FHA Streamline Refinance provides an efficient way to refinance with minimal documentation and underwriting. It often results in lower interest rates and can potentially reduce mortgage insurance premiums. This option is advantageous for those who want to refinance with...
VA loansare available to eligible veterans, active-duty service members, and some surviving spouses. These loans are backed by the U.S. Department of Veterans Affairs and offer several benefits, including no down payment requirement, no mortgage insurance, and competitive interest rates. If you’r...
Both programs have a “streamline” option that minimizes paperwork and underwriting. The VA offers veterans one option for refinancing a conventional mortgage into a VA loan. It is a VA cash-out refinance. This type of refinance can be lengthy, involving nearly as much paperwork and review as...
For a Streamline 203(k) loan, you don’t need a consultant, but you do need a reliable contractor who can finish the work to your satisfaction and within the budget. Timelines and payment schedules Once the 203(k) loan closes, work must start on the house within 30 days. For a Full...
There are two main refinance programs for FHA homeowners:FHA Streamline Refinance— Lets you refinance an existing FHA loan to a new one with a lower interest rate and monthly payment. “Streamlined” means there’s limited paperwork; no home appraisal is required, and the lender may not need...
• VA Home Loans – Special offers for veterans. • USDA Loans – Perfect for homes in rural areas. • FHA203K Loans – Great choice for fixer-uppers. Learn More Get Rate Alerts! Our system will let you know when the rates are right for you!
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He got us 3.75% with just $900 in closing costs on our FHA Streamline loan.Kaylee Griffin“Joel is one of the best Mortgage Brokers I have ever worked with in my sixteen years in the real estate and mortgage business.” May 25, 2010 Tim Beck“Joel has always worked very hard to keep...
Additionally, FHA loans require an annual mortgage insurance premium (MIP). This fee applies to all loans except Streamline and Simple refinance loans and Hawaiian Home Lands loans. Annual MIP ranges from 80 to 105 basis points (equal to 0.80% to 1.05%) of the loan amount each year for loa...