Pittsfield, MA -- (SBWire) -- 04/09/2013 --What attracts customers is the fact that they require such a low credit rating for approval. FHA streamline refinance mortgage rates are competitive with the rest of the market. Real Estate Yogi would like to offer some persuasion to those considering FHA refinancing:
- Lower Credit Score and Down Payment
- The Process is Manageable
- Less Requirements of the Home Owner
- Some Qualifications will Change Soon
Lower Credit Score and Down Payment
FHA loans require only a 3.5% down payment, with credit scores that are lower than most of the market. Most loans require 20% down payment. Credit scores of 600 or so are acceptable. With the lower down payment and credit score requirement, the FHA allows homeowners some leeway on their budget and mortgage payments. FHA mortgage streamline refinance rates are comparable to conventional and insured conventional refinance loans enough to maintain a manageable budget.
For More Information or to Apply Online For Refinance FHA Home Loans - The Government Mortgage Assistance For People With Bad Credit
The Process is Manageable
The loan agreement with FHA is very flexible. Terms such as the length of the loan are adjustable at the desires of the homeowner. The refinance option takes the name “Streamlined” because of minimal paperwork and time that it needs to be approved.
Less Requirements of the Homeowner
Closing cost options for the end of the loan are flexible as well. Closing costs can be added to the coverage of a new loan if there is enough equity the home. With the option for no closing costs, the FHA streamline refinance interest rate will be raised.
The homeowner also does not have to show his or her employment or income status to qualify.
Some Qualifications Will Change Soon
For FHA loan consumers and homeowners who are looking for easy, quick refinance, the best time to start the FHA streamline refinance process is right now. Some benefits and qualifications will be changing shortly.
The FHA streamline refinance program does have a few rigid qualifications and rules in addition to their lenience. This is not for homeowners who are delinquent on monthly mortgage payments within the last 12 months. The loan also must only go towards reducing monthly payments or the length of the loan.
The items that will change include FHA streamline mortgage rates and the minimum credit score to qualify for a mortgage.
About Real-Estate-Yogi.com
Real-Estate-Yogi.com located in Pittsfield Massachusetts advises borrowers on their refinance and other issues. They have 260,000 professionals available to offer advice for home refinance and other credit situations. Call 1-800-987-1397 for a free consultation.
Locate Best FHA Mortgage Streamline Refinance Rates for Affordable Option
For homeowners with FHA loans looking for refinancing, the FHA offers streamline refinance loans. Since FHA is so popular, the Streamline Refinance loans are used in at least 20% of the current refinance market.