How do you process a FHA refinance loan?

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Castle Leslie

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Castle Leslie

Image by Sean MacEntee
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Question by dgoldenboy67: what is the income and credit requirement for a VA home loan of 0, this 000. ?
I had filed for chapter 13 in 07 for medical reasons, seek but the case was dismissed. Where doI go from here. My credit score is only now 550. My income is $ 80, erectile 000.
Thanks

Best answer:

Answer by Sofa King
You need to make about 160,000 a year to afford a $ 350,000 loan.

[edit] You’d also need 87,500 (20%) down + closing costs, etc.

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Question by Sherry: If you refinance your home into FHA loan and have 20% equity do you still need monthly mortgage insurance?

With 30 year FHA loans the monthly MI is in place for the life of the loan.

Kind regards, online

Geoff Johnston

Mortgage Relief Specialist

GovernmentRefinanceAssistance.com

480.219.0585 (direct)

760.888.8293 (fax)
After finding the governmentrefinanceassistance.com web site I ask this question of refinancing into an FHA loan with LTV being less than 80% would monthly mortgage insurance still be required and the answer is (yes with a 30 year loan) I wouldn’t have believed it if I hadn’t heard it from a government web site! Any thoughts?
Thanks, Sherry
The reason we went FHA is the processor told me her scores were to low to do conventional cash out refinance.

Best answer:

Answer by Lee N
Typically, treat no. PMI usually is not required if you have equity at 20% or higher. The problem is that right now the value of your home may not be what you think it is. Lenders and appraisers are being a lot more conservative. Good luck to you.

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Obama Calls for Expanded Refinancing
In his weekly radio address on Friday, cialis 40mg Obama called upon Congress to enact legislation he proposed in February that would enable underwater homeowners to refinance their mortgages into FHA-backed home loans. He said the proposal … The proposal would …
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Real Estate Q&A
If its an FHA or VA loan, viagra 40mg then they can refinance without appraisal. If they have a conventional loan and it was made prior to June of 2009 then they may be eligible for a HARP (Home Affordable Refinance Program) refinance. In these cases, the insuring …
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Anyone but Fannie and Freddie
For instance, the loan must be a Federal Housing Authority, Veterans' Affairs or conventional mortgage in most cases. The cost for points and fees cannot … These are important measures that can help with a loan refinance. However, there must be …
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Question by MIZ THANG: what do you tik of the online no credit check loans? have you done this?
if you have, viagra what were the terms and who did you go through? i am considering this option but dont know if its safe. i have the income to repay the loan, order i just want to know the experiences with this type of loan….thank you.

Best answer:

Answer by Gary E
If you have the credit history and income to qualify for a loan, order then the best place to get one is a Credit Union or Bank in that order. And once you have setup an account with them, most will provide online access to loan status information and to the loan application process.

If you start with an online “no credit check outfit you are working with a liar right from the beginning. They do check your credit – unless they are not ever going to give you a loan because their scam is to get you to pay a loan application fee or advance interest before you have received any loan proceeds and then never give you the loan.

Unless you personally know someone (face to face – Internet “knowing” doesn’t count) who has had a good experience with a particular online site stay away from them and use a Credit Union or Bank – you know where to find them.

Incidentaly, if you complete an application for a loan or credit card that says it has been preapproved, your credit history will still be checked after the application is received and your application will be handled the same as an unsolicitated application.

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Question by vee: Fha mortgage loan….?
Can i apply for another fha loan if I’m renting my primary resendence ?

Best answer:

Answer by Landlord
No, buy you can’t rent your FHA property either.

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Question by Chris W: If I use the news refinance plan that Obama has outlined, viagra order do I have to use the original lender for a refi?
I was told by Bank of America that in order to qualify for the new OBAMA refi plan I would need to use the same lender that I have originally used to take out my mortgage. Is that true?

Best answer:

Answer by ?AstrologerJuliAnne?
Yes, viagra I believe you have to work with whomever your original lender was to renegotiate the term or interest etc.

If you want to use another lender, I would imagine you would be on your own.

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Question by dgem: When will US Bank start using President Obama’s Making Home Affordable plan with FHA loans?
FHA Loans were approved for the Making Home Affordable Plan a couple of months ago. Any Ideas?

Best answer:

Answer by William
If you have an FHA loan now and you would like a lower interest rate, link you can do what is call a Streamline FHA. Today, try all you have to prove is that you have made the mortgage payment as agreed for the last 12 months. You do not even have to have a job. There are several other rules but FHA Rates at about 5.125% with APR of 5.5%.

However,

Starting Jan 1 2010, all FHA streamlines will require a new appraisal so this could keep a lot of people whose homes has gone down in value to not be able to get the lower rates.

Also the Making Home Affordable are really being used only for borrowers who are behind on their mortgage payment.

Send me an email if you have any questions.

WBinnicker@fullsailmortgage.com

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Question by blueflamingo117: How do you process a FHA refinance loan?
I’m a mortgage processor, page but I’ve been processing Reverse Mortgages for quite sometime and have forgotten the process regarding regular FHA refinance loans? Any help is greatly appreciated.

Best answer:

Answer by Beth S
I don’t understand your questions. Are you asking for help in doing a FHA loan? I am sure that if you were honest and let your boss know that you have no idea on how to do your job he/she would be OK with that and help you out. I would really recommend the honest way. After all you are working on someones biggest life investment. Trust me your boss will totally understand that you have no idea on what to do. They will be happier to help you than you get bad info from a stranger. AndI am sure that your boss knows you well enough that it will not be a shock. Best of luck..I know that it is tough to handle things you don’t know how to do,,but I promise it will be ok.

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