FHA Loans are mortgages backed by the Federal Housing Administration. They are designed to help more people reach their goal of owning a home by presenting a lower barrier to entry. An FHA Loan only requires a 3.5% down payment, and often will have a lower interest rate than a traditional loan. The downside is that you have to pay PMI, or Private Mortgage Insurance, to secure the loan. Overall, FHA is a great product, and The Home Loan Expert has the highest delegation for FHA lenders. We also offer an FHA Streamline Refinance for borrowers who currently have an FHA loan.
The qualifications are pretty simple.
- You have to live in the house you are refinancing.
- You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
- You have not completed an FHA Streamline Refinance in the past 6 months.
- FHA does not have a minimum credit score required for a streamline refinance.
There are a couple of real advantages for this loan that can help out homeowners. One is that it can give you an opportunity to take advantage of today’s record low interest rates, even if you aren’t in a position for a traditional refinance. You can get a new FHA Streamline Refinance quickly and easily, and start saving money right away. You can also help yourself out if you are underwater on your mortgage. An FHA Streamline Refinance carries an unlimited loan-to-value ratio. What do I mean here? It means that you can borrow more than your home is worth, and you can get out from under a bad mortgage if you have been struggling with an underwater loan.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?