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FHA Streamline Refinancing

FHA streamline refinancing gives borrowers more flexibility because if the mortgage rates drop, FHA customers can refinance for lower rates with no penalties. Streamline refinance loans are a great benefit for homeowners who currently have a FHA mortgage. The FHA Mortgage Loan Company recommends that any homeowner who has presently has an FHA mortgage should consider a streamline refinance if they have a mortgage rate at 6% or higher.

FHA Restrictions for Streamline Refinancing

  • The current FHA mortgage being refinanced cannot be delinquent.
  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
  • No money can be taken out on loan being refinanced using the streamline refinance process.
  • The mortgage loan to be refinanced must already be FHA insured.

FHA Announces New Forbearance Program

A Special Forbearance (SFB) - Unemployment Agreement is a written Agreement between a Mortgage Company and Borrower, which contains an outline to allow the Borrower time needed for them to acquire employment.

Are Special Forbearances only available to borrowers who are unemployed? Yes. Special Forbearances are available only to borrowers that experience a verifiable loss of income due to unemployment.

Does the participating mortgage company reassess a borrower in the last month of their Special Forbearance to determine if a more permanent Loss Mitigation option may be used to cure the default? Yes. When a Special Forbearance is used, the mortgage company must subsequently evaluate the borrower for a more permanent loss mitigation option to cure the default.