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Wednesday, May 12, 2010 - Article by: FHASUBMISSIONS.COM - ESSEX MORTGAGE BANK - Message

Homeowners with a current FHA mortgage has something that others do not, the revision is the ability to refinance, no income refinance with an FHA streamline.

A stated income loan are required seemed a thing of the past, but to streamline FHA refinance mortgages at a lower kind of documentation and underwriting. It does not pay any tax W-2 forms or husband or bank statements to verify assets. Although FHAnot require a credit report, but some lenders may require one for the price of the sentence. A review of the loan is needed to determine if the loan is criminal, which is not allowed.

Another potential advantage of the FHA streamline refinance program is that a home assessment may not be necessary. So in addition to the loan will be declared as income with no income or control of assets, loans may also remove value as an obstacle, especially in a decliningHousing Market.

Like all government programs, there are certain rules and restrictions which determines whether a refinancing FHA is part of a streamlining of policies, including the following:

1: The current mortgage must be refinanced FHA already
2: a subject property must be the borrower's principal residence
3: Current and mortgage refinancing should not be criminal
4: and streamline the refinancing can be a maximum of $ 500 in cashout
5: and refinancing must be due to reduction of interest rate and grace

When a FHA streamline refinance without appraisal through a new, maximum loan amounts, two calculations are determined by the smaller of the following:

1: The original principal amount of the existing FHA mortgage, in addition to new front mortgage insurance premium of 1.5% for a streamline refinance now.

2: one, the existing FHA mortgage,more costs are inclusive of deferred taxes, insurance, interest, and the new front mortgage insurance premium. Pull the old redemption premium.

If you're new classification system to streamline FHA refinance part, the maximum loan amount will be determined by the two lowest of the following calculations:

1: The loan amount multiplied by an estimated maximum loan to value ratio is usually sufficient in 97% and 97.75% depending on the state andAmount.

2: one, the existing FHA mortgage, plus closing costs, prepaid property taxes, hazard insurance, up to 30 days interest and deduct the reimbursement of insurance premiums.

If there is a line of credit or second mortgage on the house, lien holder, the loan must agree to restructure their loans, irrespective of the combined value. The total for the first and second mortgages higher than normal and the maximum loanlimit.

Jeffrey Martino Young Essex Mortgage Bank in Santa Rosa,Ca .95404 toll free 1-877-870-2676 or online at http://www.FHASUBMISSIONS.COM

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