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Economic
Stimulus Act of 2009.
“New Guidelines”
WHY
REFINANCE WITH FHA LOANS?
“ YOU COULD
QUALIFY FOR NO MORTGAGE PAYMENTS FOR UP TO 2
MONTHS. ”
With an FHA loan, you can finance up to 97%
of the home value,
or up to 85% loan to value ( LTV ) to
consolidate debt or take cash out.
This is significantly a higher percentage
than conventional loans.
The FHA program is open to anyone, even
where credit histories are not perfect.
There are no restrictions on whom, or how
many times a person is eligible to qualify
for an FHA loan. FHA does not require a
higher rate when taking cash out, making FHA
loans the best choice for refinancing,
plus you may be eligible to skip up to
your next 2 mortgage payments.
LET FHA FINANCE YOUR DREAM HOME.
HOW ABOUT JUST 3.5 % FOR DOWN PAYMENT.
There are many benefits to purchasing with
an FHA loan. You can take advantage of
today’s low-fixed rates.
With a FHA purchase, less than perfect
credit is not a problem. In fact, lower
credit scores can be approved. You might
have a past bankruptcy and still qualify for
an FHA loan! Additionally, a down payment
can be a gift. With lower PMI than
conventional loans, now might be a good time
to take advantage of the benefits of
purchasing with an FHA loan.
What is an FHA Streamline Refinance Program?
The Federal Housing Administration (also
known as FHA) has allowed FHA streamline
refinances on federally insured mortgages
since the early 80’s. Given that, many FHA
homeowners have utilized this program to
lower their interest rate with relatively
low, or no costs. The FHA Streamline
Refinance Program has been saving borrowers
thousands of dollars on their mortgage
interest. We make it easy to refinance.
The term “streamline” simply means; there is very little
documentation and underwriting that needs to
be performed by the lender. No appraisal &
no income verification required,
plus
you may be eligible to skip up to your next
2 mortgage payments.
Are
FHA Loans Assumable?
Yes. You can assume an existing FHA-insured loan, or, if you are
the one deciding to sell, allow a buyer to
assume yours. Assuming a loan can be very
beneficial, since the process is
stream-lined and less expensive compared to
that for a new loan. Also, assuming a loan
can often result in a lower interest rate.
The application process consists basically
of a credit check and no property appraisal
is required. And you must demonstrate that
you have enough income to support the
mortgage loan. In this way, qualifying to
assume is similar to the qualification
requirements for a new one.
We are dedicated to making your FHA loan as
effortless and hassle free as possible. We
look forward to helping you save thousands
on your FHA home mortgage.
CALL
RICHLAND MORTGAGE AND GET ANSWERS TO ALL
YOUR QUESTIONS RE: REFINANCING OR PURCHASING
A HOME.
“THERE MAY NEVER BE A BETTER TIME TO ACHIEVE
THE AMERICAN DREAM.”
CALL 630-515-1010.
Click here to get started
Rates, programs, terms and
guidelines are subject to change without
notice due to unforeseen market conditions
and borrower’s credit profile. Funds are
provided by various investors and subject to
availability. This information is provided
to assist real estate professionals and is
not an advertisement to extend consumer
credit as defined by Sec.226.2 of regulation
Z.
Richland Mortgage Company
is an Illinois, Indiana Licensee.
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