FHA in the News
Congress and the Department of Housing and Urban Development seem to be on the same page when it comes to the Federal Housing Administration and the direction of government-insured mortgage lending. A representative of Congress announced last week that time has come for FHA loan programs to increase their responsibility. The FHA Commissioner Carol J. Galante sent a letter to Congress outlining her intentions for FHA mortgage programs in 2013. She is committed to minimizing the risk on loan programs like the first time home buyer programs, FHA streamline refinance and the cash out loans as well. FHA says that lenders that will mandate that borrowers with credit scores below 620 will keep their debt-to-income ratio at or below 43%. Borrowers with debt ratios that come in higher than 43% will have to be approved manually by a Direct Endorsed FHA Underwriter. So home financing and refinancing with FHA would only be possible in these circumstances if the prospect is able show compensating factors like a more substantial down-payment or proof that the borrower has a level of reserves higher than average.
The FHA Commissioner Carol J. Galante sent a letter to Congress in an effort to underscore the commitment to reduce defaults and delinquencies insured by the Federal Housing Administration. Galante said FHA will raise the minimum down payment on loan amounts between $625,500 to $729,000 from 3.5% to 5%.
Proposed 2013 FHA Loan Program Changes
FHA Streamline Refinance is a mortgage company and FHA lending authority for streamline refinancing in the United States. The streamline program has been one of the most popular refinancing tools around.
FHA streamlines have been helping homeowners with FHA mortgages secure lower interest rates easier than conventional loans. FHA streamline loans are processed quickly and efficiently. The FHA streamlines are not available for home purchase or a cash out refinance. The FHA streamline guidelines have changed dramatically in the last few years so verify your eligibility with your agent. With streamline refinance rates in the 3% range, refinancing has never been more alluring for people that already have a government-insured lien. Ask your loan officer for the current FHA streamline rates.
Find approved FHA lender specializing in home refinancing with reasonable priced FHA mortgage rates online for FHA streamlines.
Work with lenders that have staffed experienced loan officers who understand FHA guidelines and FHA loan requirements for borrowers.
We frequently post helpful FHA articles on streamline refinance opportunities. Get the latest HUD programs for FHA lending offers.
The FHA Streamline Refinance Company provides a path the meeting FHA lenders that offer a full menu of government refinance products as well as conforming, home equity and loan modification plans. FHA mortgage options have expanded for borrowers looking to refinance. MLQ recently announced a new opportunity with their preferred lenders for offering the no cost FHA refinance loan. Please note the "no cost refinance" offer is reserved for no streamline loans.
Talk to some bad credit mortgage lenders online who offer low fico loan options for conventional and the FHA streamline mortgage programs. Whether you need rate and term refinancing, cash or loan relief from your ARM, we can introduce you to loan companies that provide FHA solutions to meet your needs. See FHA Streamline Blog >
FHA streamline guidelines are very unique to the mortgage industry. FHA underwriting is not credit score driven like conventional and home equity lending criteria.
FHA guidelines allow borrowers to be considered with FHA underwriters are encouraged to evaluate the "big picture" rather than a credit score that only indicates a glimpse of the borrower's risk. With FHA mortgage loans, people are in a position to overcome bad credit or home equity losses from the housing crisis.