My New Outside Blog: www.lasvegasmtg.com Report: FHA Streamline Loans in Las Vegas, NV.

www.lasvegasmtg.com Report: FHA Streamline Loans in Las Vegas, NV.

FHA Streamline Loans in Las Vegas, NV.

FHA Refinancewww.lasvegasmtg.com Report: FHA Streamline Loans in Las Vegas, NV. is seeing an increase in demand due to the lower interest rates that are currently available now that are close to historically lows. What makes the FHA Streamline refinance home loan a viable program with current properties in Las Vegas, NV. being underwater is there is no appraisal needed. I repeat FHA does not require an appraisal to qualify for the refinance loan to be approved. With home in Las Vegas, NV. underwater for even homes that were only purchased within the last two years this is a great benefit for FHA borrowers.

There are requirements to qualify for a FHA Streamline Home Loan that will be outlined here.

  • Must have an existing FHA home loan and must have made payments for 6 months.
  • There must be a net benefit to the borrowers of at least 5% reduction in housing payments. Example if the total housing expenses were $1,250.00 the reduction must be with the new payment of $1,187.50 or a savings of $62.50 a month.
  • The exception to the rule is if you are decreasing the term of the loan, then this will reduce the overall savings in total interest paid.
  • No income documentation needed lender will just have to verbally verify employment.
  • No appraisals needed, but loan amount including Up Front Mortgage Insurance cannot exceed original loan amount.
  • You do not need to show all debt only need a mortgage rating showing No more then 1x30 day late payments in the last 12 months and no 30 day  late payments within the last 3 months.
  • No appraisal FHA Refinance loans are calculated at Original unpaid loan balance - minus the refund credit of the original MIP (if any) plus the new MIP if not paid at closing.
  • No pay stubs, no w-2's or tax returns will be required.
  • Closing costs can be included in the loan if it does not exceed the original loan amount or borrowers can get a no cost FHA Streamline home loan or pay the costs upfront.
  • If closing costs are to be paid upfront then assets must be verified.
  • Borrowers cannot receive any cash back above $500.00 at time of closing.
  • Combined Loan to Value cannot exceed 125% of the original appraised value and the second lien holder must subordinate.
  • FHA Refinance home loan cannot have the remaining loan term exceed more then 12 years to the new loan term. Example: going from a 15 year loan with a balance of 12 years remaining would only be available to refinance to a new loan term of 15 or 20 year terms.

If you are a Realtor that have past clients that have used an FHA loan product in the last three years then you could save your clients hundreds of dollars a month in savings and be their hero. Forward this to the them so they can calculate their monthly savings.

Refinance CalculatorTo calculate if refinancing is right for you please click on the Calculator.

Use the refinance tab and enter the information to calculate if this will save you money every month.

 

 

 

 

 

To get more information Please contact me here.

         Kenny Salame                                                                                                  Equal Housing

Kenny Salame
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 380
Las Vegas, NV, 89113
US                            
Mobile: 702--506-3301
Direct: 702-947-0609
Office: 702-369-0905
Fax: 702-952-0887
ksalame@allwesterm.com
 
 
 
 
 
 
Comment balloon 1 commentKenny Salame • September 12 2010 04:29PM

Comments

Hey Cindy, This blog is a ftraunote thing for Northern Virginia homeowners. I am sure you have made it very clear about the complicated HUD new program.It is very very very helpful for the Northern Virginia homeowners. Keep updating us with latest news
Posted by Wawan over 6 years ago

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