FHA Fixed Rates, Streamline Refinance, Refi With Low Fixed Mortgage Rates in Baltimore, Maryland
CHI Publishing
September 26, 2008
FHA has emerged as the primary purchase tool for many homeowners within the last year. The recent "take over" of Fannie Mae and Freddie Mac by the government has had a major impact on interest rates for refinance loans. An FHA streamline refinance is a tremendous opportunity for current FHA borrowers to reduce their interest rates, even if the value of their home has dropped.
An FHA streamline is a simple process that allows current FHA customers to reduce their rate, without going through the normal underwriting process for qualification. The program is intended to lower interest rates without the normal closing costs associated with general refinances. Because of the limited qualifications required, no cash is allowed to be taken from the transaction.
Some of the benefits of an FHA streamline refinance are:
No Maximum Loan to Value – Even if your home has decreased in value, you can qualify for an FHA streamline. As long as you do not exceed your previous loan amount, no appraisal is needed.
No credit, income or assets are used to qualify for an FHA streamline. The only criteria used to qualify is the previous 12 months mortgage history on your FHA loan.
Guaranteed Rate Reduction – unless you are dropping your interest rate by .50%, or going from an adjustable rate to a fixed program, you MUST see a rate reduction in order to qualify.
Significant Reduction of Closing Costs - The loan amount cannot exceed your previous FHA loan amount, therefore, the fees are reduced significantly. Most borrowers refinance without any out of pocket expense.
To find out more about an FHA streamline loan, go to www.tmmortgagegroup.com or call 1-800-696-1424.