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FHA Streamline Refinance
Mortgage in Illinois, Wisconsin, Minnesota and Florida (FHA to FHA)
Effective 01/01/2012
HUD announces updated 2012 FHA Loan Limits
Effective 04/18/2011
FHA mortgage insurance premiums to change
Effective 05/05/2010
New FHA mortgage insurance premiums
Effective 11/18/2009
FHA Streamline Refinance Changes
Archived Announcements
FHA Streamline
Refinance!
FHA to FHA refinancing option is considered streamlined because it allows
you to reduce the interest rate on your current home loan quickly and oftentimes
without an appraisal. FHA Streamlined Refinance also cuts down on the amount
of paperwork that must be completed by your lender saving you valuable time
and money.
- No Appraisal option (since the changes in November of 2009, this is the
only real advantage besides obtaining a partial refund of your prior
up front mortgage insurance premium, if applicable)
In order to qualify for a Streamlined Refinance your original home loan
must be an FHA loan in good standing and the refinance must lower your monthly
interest payments. This type of refinancing option reduces your monthly
expenses by lowering your payments but there is no option to receive cash
back.
Minnesota, Wisconsin, Illinois and Florida FHA mortgage loans are insured
by the government and were designed to help more buyers achieve the dream
of home ownership. FHA loans are insured by the government and offered by
certain approved lenders. We are an approved mortgage banker for FHA loans
in Illinois, Wisconsin, Minnesota and Florida including major cities such
as Chicago, Minneapolis, Waukesha, Appleton and Madison.
The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower's monthly
principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline
refinance process.
- You must be able to supply the lender with a copy of your current
"NOTE" from your last mortgage settlement.
FHA program highlights:
- Get a preliminary loan approval in minutes
- Competitive and attractive rates
- Long-term amortization
- Spot loan approvals on condos
view details (going
away February 1, 2010)
- Fixed and arm loan rates
- Financing for 1-4 unit properties
- PMI is less than what it would be for a conventional loan
- Monthly mortgage insurance is automatically canceled once the unpaid
principal balance reaches 78%
- Purchase, rate/term refinances, cash out refinances, and streamlined
refinances
- Cash out refinance to 85%
- 3.5% down for 96.5% financing
- 100% financing (no money down) with gift funds is available.
HUD announces 2012 FHA home loan limits
Search FHA Maximum
County Mortgage Limits by State
Illinois FHA Loan Limits (PDF) Sorted by County
Wisconsin FHA Loan Limits (PDF) Sorted by County
Minnesota FHA Loan Limits (PDF) Sorted by County
Florida FHA Loan Limits (PDF) Sorted by County
FHA mortgage insurance premiums
FHA approved condo
list
What is PMI (Private Mortgage Insurance)?
PMI is money paid to insure the lender against loss due to foreclosure or
loan default. Mortgage insurance is required on conventional loans with
less than a 20 percent down payment. FHA mortgage insurance requires an
up front mortgage insurance premium payment
that is added to the initial loan balance, instead of being paid
out of pocket, as well as an annual fee based on the loan amount which
is divided and added
to each monthly payment.
Mortgage
Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Programs
My Community Mortgage
Government Loans including
FHA,
FHA 203k, VA and
USDA Rural Housing
Refinance Programs
FHA
Mortgage Rates
About Us
Apply or Pre-qualify
Online
Contact Us
Recent FHA mortgage posts on our blog:
FHA Mortgage Loans
Wisconsin, Illinois, Minnesota and Florida Identity of Interest Transaction (family
member to family member purchase)
There's not a lot of information on this topic, so today I thought I
would discuss what it is and what it means to you.
Not too long ago, purchasing a home from a family member and having
them gift you equity so that you could get a better interest rate or
lower loan to value was an easy task but that is no longer the case.
Since conventional loans require 740 or better credit scores to even
have a shot at the best mortgage rates, FHA has been picking up the
slack. But there is a little known guideline that FHA has that
conventional loans don't and that is the identity of interest rule.
Read the rest of this entry »
Chicago FHA Loans
Chicago FHA loans refinance and purchase, which have been out of favor in
recent years, are especially popular today because they typically have easier
qualification requirements than non-governmental loans and require only
a small down payment or very FHA mortgage loan limits in Chicago have been
increased to $410,000 for all of 2010. If you acquire an FHA loan to purchase
a home, FHA is not actually lending money to you, the buyer; FHA simply
guarantees the lender in case you, the borrower, default on your mortgage
payments.
Read the rest of this entry »
FHA Streamline Refinance Loans for Wisconsin Residents
If you currently have a FHA Mortgage Loan, you can refinance
your current FHA Mortgage with almost no documentation (FHA
Streamline Refinance).
As long as you will save $50.00 a month FHA will allow you to refinance
your home mortgage with:
No Appraisal
Read the rest of this entry »
FHA Refinance, Cash Out Refinance and Streamline Refinance Mortgage Loans
FHA Refinance:
FHA refinance loans are the ideal mortgage vehicle for mortgage loans under
$417,000 because they are guaranteed by the federal government so that if
the borrower defaults, the lender will be able to recoup its investment
because an FHA refinance loan is insured.
FHA Cash Out Refinance:
Cash out refinancing is another popular type of FHA home loan that many
homeowners use to obtain capital for home repairs, remodeling and debt consolidation.
Cash Out Refinancing Loans with FHA In order to get the most benefit from
refinancing your mortgage, it is often best to consider refinancing after
you have had time to build up a significant amount of equity in your home.
Cash-Out up to 85% of your properties value.
FHA refinance, cash out refinance and streamline refinance mortgage loans
are available to Wisconsin residents.
Read the rest of this entry »
FHA Streamline Refinance in Wisconsin and Illinois
If you have an
FHA Mortgage and live in Wisconsin, Illinois, Minnesota or Florida, give us a call. Rates
are at an all time low.
If you currently have an FHA Mortgage, you can "Streamline Refinance" your
current FHA mortgage.
What exactly does an FHA "Streamline Refinance" mean?
In most cases there is no appraisal required, no income or asset information
listed on your application. We will need a 12 month payment history from
your current lender. While your current credit situation does not matter
in doing a "Streamline Refinance" you should not have any 30 day late payments
on your current mortgage in the last 12 months. You must be able to supply
the lender with a copy of your current NOTE and HUD from your last mortgage
settlement.
Read the rest of this entry »
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