Federal Housing Administration or the FHA, since its inception in 1980, has allowed streamlining refinances on FHA mortgages. The word “streamline” refers to the fact that opting these kinds of loans will reduce the borrower’s paperwork to almost half of that, what is required by any other kind of refinancing bank. Before applying for the loans, one can learn about certain essentials of FHA refinance program.

The Basic Requirements For Streamline Mortgage Refinance Are:

1) The mortgage which has to be refinanced should be FHA insured.
2) The property should be legal.
3) The monthly installment should reduce the borrower’s monthly principal amount and interest payments.
4) No money can be drawn on refinanced mortgage.

The Benefits of Streamline Mortgage Refinancing:

1) People facing credit problem can relax, as for FHA credit evaluation is not required.
2) The borrower has to carry out minimal paper work.
3) No income verification, no employee verification is required.
4) oan tenure can be increased or decreased as per the individual’s requirement.
5) Interest rates are comparatively lower than other mortgage refinances.
Beside all the above, very little or zero initial expenses are involved.

www.Mortgage11.com

First, both 15-year and 30-year loans hit record lows for the second week in a row.

Second, as Reuters reports, the tax credit extension has passed a key hurdle:

The House backed by a vote of 409-5 a measure to extend the closing deadline to September 30 for buyers who already met the April 30 deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30 to receive the $8,000 tax credit for first-time homebuyers.

The measure must also go before the Senate for approval.

Rates are dropping and home sales are also down.

What this means is an exceptional window of opportunity for those looking for a new home. Please contact one of our loan officers today and allow us to help you find out what is available to you. We think you’ll be glad you did.

CreditLoan.com has a great article on some of FHA’s main programs, including loans for

• First homes,
• Fixer-uppers,
• Reverse mortgages,
• Energy efficiency, and
• Manufactured or mobile housing.

We can help you with any of these needs–we’re FHA experts. Please call one of our experienced loan officers today for more information on how FHA programs can help you fund your next move.

Say you’re buying a $200,000 house. If you are using FHA [Federal Housing Administration] financing under current rules, you can structure the contract so that the seller agrees to pay at settlement all closing costs and even the cost of some needed repairs, up to 6 percent of the price, or $12,000. On a $400,000 house, allowable concessions go to $24,000. That’s huge, especially if you have to struggle to come up with a 3.5 percent down payment and you’re not sure where you’ll find the closing and repair money.

Contrast that with using Fannie Mae or Freddie Mac conventional financing, in which seller concessions generally are limited to 3 percent. For many buyers, the extra negotiating flexibility built into the FHA program makes the choice of programs a no-brainer.

Sometime this summer, though, seller concessions will be cut to a maximum 3 percent. The precise timing is unknown because the announcement had not been made in the Federal Register, but the message is clear: Act now if the concession affects your deal.

We can help. Frost Mortgage is a “Full Eagle” FHA expert. Please contact one of our experienced loan officers today and we’ll quickly help you work through any questions. Because at Frost Mortgage, we don’t just close loans–we open doors.

If you’d like to join a mortgage group that values smart thinking and solid principles like these, please look into our Branch Partner Opportunities. We’re always looking for qualified new partners for this industry-leading offering.

Lenders will have several options for providing the information according to MISMO standards (“the leading technology standards development body for the residential and commercial real estate finance industries, is a wholly owned subsidiary of the Mortgage Bankers Association”). Smaller lenders may upload PDFs or use the XML format using a Web portal, while larger lenders may work
directly with Fannie’s chosen technology provider, Veros Real Estate Solutions.

According to one analyst, “the migration to the newly adopted valuation standards will largely be invisible to the lending community on the origination side” but is expected to have significant impacts on secondary markets.

Are you a top producer who follows news like this? If so, visit our site and find out why our Branch Partner Opportunities are among the best in the business. Come see why we don’t just close loans, we open doors.

The minimum net worth requirement had been $250,000 since 1993. Within the next few days, the amount will change to $1 million, though existing lenders will have one year to meet the new requirements.

Frost Mortgage has some of the best Branch Partner and Loan Officer offerings in the business. If the new requirements have you looking at platforms that can help you continue to be a top producer, give us a call–we don’t just close loans, we open doors.

Private insurers had almost completely left the sector. Last year, the Times reported, the FHA insured roughly 30 percent of low-down-payment (less than 20 percent down) single-family loans; 10 percent would be considered appropriate. The FHA has also raised down-payment requirements on insured loans.

The move by the private insurers, though, signals increased confidence about the economy, the Times notes.

Changes are happening fast, and it remains a great time to consider a Net Branch Partner opportunity. Please contact us today and learn why our offering is among the best in the business.

HOPE for Homeowners and Home Equity Conversion Mortgages will be charged a 2 percent premium, according to Mortgagee Letter 2010-02.

Do you thrive on news like this? Are you a top producer? Consider joining with the best in the business — Frost Mortgage — and becoming a Branch Partner.

After several months with the new protocols in place, we have some perspective on the changes. From the buyer’s point of view, the new rules mean a lot more paperwork for a relatively small amount of money, since differences in Good Faith Estimates are rarely significant. And from our perspective, RESPA looks like a Band-Aid solution that doesn’t give buyers credit for their intelligence.

We pride ourselves on following the strictest standards, and we ensure that our people are up on all the latest developments, but we see the chance that too much focus on minutia could make us lose sight of the forest for the trees. Buyers, the details do matter, and you need to get the facts from a reputable broker such as Frost. But fear about relatively small amounts like these shouldn’t keep you from getting on with your lives. And those in the mortgage industry, you need to maintain a focus on what really matters–helping people get the funds they need to make society run, just as our industry has done for most of the last 200 years, by providing sensible, reasonably priced products that fit the need.

If you have any questions at all about what all of this means to you, please contact us today. We’ll be happy to help.