Wednesday, July 18, 2012

Am I Eligible for FHA Streamline Refinance Idaho?

By Elisha Marty

You may be wondering if you are eligible for a streamline refinance ID loan. You are eligible even if you have mortgage which is delinquent by only a few monthly mortgage payments, under certain conditions. However, before going into details of this condition, you should know the basic concept of any type of FHA streamline refinance.

The amount homeowners can refinance with the streamline option depends upon their income, monthly expenses, and credit history (although they are flexible when it comes to credit requirements). These types of loans are described as "streamlined" because of their quick processing and reduced documentation. In order to be eligible for this type of refinance, the borrower's existing mortgage must be current with no delinquent payments within the last year.

So, overall the emphasis is on helping those borrowers who have been making regular payments. You can therefore understand the basic fact that if you present your application as a delinquent borrower, you will never get streamline refinance. But if you can make your mortgage regular, you can very easily borrow FHA streamline refinance. However, the prescribed condition for a delinquent mortgage is given below.

Delinquent mortgages are not eligible to borrow. However, refinance can be offered if the loan is brought current. A flexibility given in such cases, however, that is if the mortgage is delinquent by no more than two monthly payments, then the lender offering streamline refinance can pay the borrowers mortgages to make the payments current. But in this case, the lender should not place any obligation on the borrower to repay the funds that was used to make the mortgage current.

Unfortunately things may be changing. FHA is considering changes to their loan program because of the cost of increased home foreclosures. Among the changes being discussed are the increase in mortgage insurance and higher credit scores to qualify for a mortgage. If you are considering a streamline refinance ID loan now is a good time to do it before the changes take place!

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