You may have heard about the FHA streamline program. With interest rates at all time lows, people are wondering if refinancing using this program makes sense. FHA rates in Utah are going making it so that now is the best time for you to get a loan. Let me share with you how the program works so that you can decide what is best for your family.
First of all, in order to do a streamline refinance, you must have an existing FHA loan on your home. There are other types of refinancing programs out there, like the conventional Refi Plus, but the benefits are not the same. One of the biggest benefits of the streamline program is that an appraisal is not required on the property. With so many areas of the country that have been negatively impacted by lowering home values, it is a huge benefit to be able to take advantage of low interest rates without having to worry about the property value.
Most of the time, FHA loans are given out to borrowers that have good, long-standing credit scores. However, there are still some people who are still approved for these loans despite not having a good credit score. Some of these people have credit ratings that are far from impressive, but as long as they have no bankruptcy record for the past five years, then they still have a chance of getting such loans approved. Single parents whose income comes from only one source are also qualified for these loans. As long as you qualify, FHA can certainly be of much assistance to you.
For the FHA recognized lenders, mortgaged homes have to be appraised of up to 90% fair market value. Fees and other penalties must be waived by the FHA-certified lenders noting the financial difficulty of the borrower. New FHA loan borrowers should agree to zero equity loans in the period of five years except for home improvements and maintenance.
By educating yourself on the basics of FHA loans and what FHA Refinance Mortgage can do for you, you can better equip yourself towards getting the best available mortgage. Check into the FHA rates in UT or near you to find the best rates for your loan.
First of all, in order to do a streamline refinance, you must have an existing FHA loan on your home. There are other types of refinancing programs out there, like the conventional Refi Plus, but the benefits are not the same. One of the biggest benefits of the streamline program is that an appraisal is not required on the property. With so many areas of the country that have been negatively impacted by lowering home values, it is a huge benefit to be able to take advantage of low interest rates without having to worry about the property value.
Most of the time, FHA loans are given out to borrowers that have good, long-standing credit scores. However, there are still some people who are still approved for these loans despite not having a good credit score. Some of these people have credit ratings that are far from impressive, but as long as they have no bankruptcy record for the past five years, then they still have a chance of getting such loans approved. Single parents whose income comes from only one source are also qualified for these loans. As long as you qualify, FHA can certainly be of much assistance to you.
For the FHA recognized lenders, mortgaged homes have to be appraised of up to 90% fair market value. Fees and other penalties must be waived by the FHA-certified lenders noting the financial difficulty of the borrower. New FHA loan borrowers should agree to zero equity loans in the period of five years except for home improvements and maintenance.
By educating yourself on the basics of FHA loans and what FHA Refinance Mortgage can do for you, you can better equip yourself towards getting the best available mortgage. Check into the FHA rates in UT or near you to find the best rates for your loan.
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Learn more about FHA rates in UT. Stop by Anna Grange's site where you can find out all about FHA rates Utah and how it can help you.
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