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Refinance Loans

FHA Streamline Refinance

The FHA permits borrowers to refinance an existing FHA insured mortgage with what is called a “FHA Streamline Refinance.”  The FHA has permitted lenders to offer streamline refinances on FHA insured mortgages since the early 1980s. The reason this type of refinance is called a Streamline Refinance is because of the amount paperwork and related underwriting activity that is required from the lender is quite minimal.  It has nothing to do with how much money is involved in fees and property value. There are 4 rules that must be met in order for the refinance to qualify for the streamline program.  They are: The mortgage being refinanced must be FHA-insured prior to the Streamline Refinance application. The mortgage being refinanced […]

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FHA Refinance

An FHA refinance is an ideal way to refinance an existing mortgage loan to get money out of your equity in your home.  Be aware that equity requirements relative to your home’s value vary depending various factors in order to qualify for an FHA Refinance.  And, you must also occupy the home as your principle residence. There are two types of FHA Home Refinance options. FHA Regular Refinance Loan There are two types of FHA Regular Refinance Loans.  They are the FHA Cash Out Refinance Loan and the FHA Non-Cash Out Refinance Loan.  The FHA Non-Cash Out Refinance is not the same as a FHA Streamline Refinance. When applying for FHA Regular “Cash-Out” Refinances, Note that the maximum loan-to-value and […]

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How To Get A Conventional Mortgage Home Refinance

One of the nice things about a home refinance of a home with a conventional mortgage is that compared to some of the federal programs, it can be very easy to do. But you need to make sure you are doing it for the right reasons and you must have a fairly rapid pay-back of the costs associated with it… … Ideally, I think that you should recoup your fees and the other expenses that you incur when you do a home refinance within 2 years, maximum.  Making that a rule in your refinancing strategy will give you time to respond to significant changes in the economic climate at home in the U.S.A. and abroad. The way the guidelines are […]

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VA Streamline Loans

This type of loan has several different names. It may be called an IRRRL which stands for “Interest Rate Reduction Refinancing Loan,” its formal name. It may also be called a “VA to VA Loan” or a “VA Streamline Loan.” I will be calling this type of refinance loan a VA Streamline Loan in this article. There are special rules for refinancing VA-type mortgage loans. Be sure you understand exactly the type of loan that you want to apply for. Make sure that you actually want a VA Streamline Loan. A VA Cash Out Refinance Loan may be what you actually want. What Is a VA Streamline Loan? The VA’s Streamline Loan Program is a way for veterans with an […]

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VA Cash Out Refinance Loan

A VA Cash Out Refinance Loan is specifically for veterans but it does not need to be the refinance of a VA-backed mortgage loan.  There are, however, some specific guidelines that apply to this type of home refinance.  They are: Your military service must qualify you for a VA-backed loan. The refinance loan terms (such as monthly payments) must not disqualify you from you being eligible for the loan under the VA’s Financial Guidelines for this program. The home must be the principal residence of the owner. You must not be refinancing a property under this program that is in the state of Texas. You may not refinance more than 90% of the appraised value of the home including all […]

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