www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts!
www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts! With Las Vegas, Nevada experiencing declining home values many FHA borrowers are under the mistaken believe they cannot Refinanced their FHA home loans to get a better rate. Borrowers that have FHA loans from 2007 or before, typically have 6% or higher loan rates, and with rates now at historic lows, now is the time to refinance to reduce the payment amount or shorten the time to payoff.
Las Vegas, Nevada FHA Streamlined Refinance allows any existing FHA Home Loan borrowers to do an FHA Streamline Home Loan if the following criteria is met:
- The FHA Home Loan Refinance must either reduce the overall monthly payments or shorten the payment terms to show a benefit to the borrowers.
- You must have an existing FHA Home Loan and must be current in the last 12 months with no 30 day or greater late payments showing on the mortgage rating.
What is a Las Vegas, Nevada FHA Streamline Home Loan?
- Las Vegas, Nevada FHA Streamline Home Loan means there is limited documentation needed to complete a FHA Refinance Home Loan.
- On a FHA Streamline Home Loan there is no credit report run, but there is a mortgage rating that is done to ensure the mortgage is current and has not had any late payments for the last 12 months.
- There is no income qualifications needed for FHA Streamline Home Loans, so borrowers will not need to prove income with tax returns or pay stubs.
- A FHA Refinance Streamline loan does not need a new Appraisal, but total cost cannot exceed the 96.5% LTV before the FHA Upfront Mortgage Insurance is added in to the loan. With Las Vegas, Nevada home values declining, allowing no appraisal for qualifying makes this option a huge benefit to FHA Home Loan borrowers to save time and money with little documentation from the borrowers.
To learn more about the FHA Streamine Home Loan in Las Vegas, Nevada please contact me. If you know of past clients that have a FHA Home Loan let them know they may be able to reduce their monthly payments and save Hundreds of dollars monthly or reduce the time to payoff their mortgage. They will not forget who helped them to save their money.