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FHA Guidelines – Know your Loans

Posted by Mark Taylor | Posted in Arizona FHA | Posted on 23-11-2011

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The recent financial crunch has left many homeowners crying out for mercy. Something as simple as consolidating bills, paying off the mortgage and even sending the kids off to college makes up only some of the ways that homeowners can use the equity that has accumulated in their homes. FHA loans can help people cope with their equity loans better.

However, FHA refinancing can only be utilized by owners that are currently living in their property. Other FHA loan requirements you can use include the following –

FHA Streamline Refinance

The reason that this refinancing technique is termed streamlined is because it allows homeowners to reduce interest rates on their home loans quickly without any need for appraisals. Other than that, the best thing about an FHA streamline refinance is that it allows you to reduce your monthly payments. It also cuts down on a lot of paperwork that is required between a debtor and creditor thereby saving you a lot of time (not to mention money).

An FHA streamline refinance is a good option for people who are not weighted down with a lot of debts since it can leave them with some extra cash which they can use elsewhere.

FHA Loan Requirements

If you happen to have a conventional loan that you want to refinance with an FHA streamline refinance loan, you will need to be FHA approved. You will need to apply for it with employment verification, debt ratio requirements, credit check as well as other requirements.

Who can apply for an FHA Loan?

According to FHA rules, anyone that has legal ownership of a property can apply for FHA refinancing. A borrower also doesn’t have to be obligated to an official FHA note to apply for it either. However, the current status of the concerned debtor will affect the type of FHA loan that he/she applies for.

For example, a borrower that does not have a previous FHA loan is required to apply for a credit qualifying FHA refinance loan instead of a refinance loan. A streamline loan is not required in this case since the owner would not possess any prior records (loan history) or any other type of paperwork that has to do with the FHA.

Other than that a person who possesses legal title to their property but is not named on the original FHA home loan paperwork will be required to conform to FHA standards in order to procure a new loan.

For more information on FHA financing, refinancing or other loans that may apply to you feel free to contact The Mark Taylor team at 602-361-0707.  Thanks for reading my article: FHA Guidelines – Know your Loans

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