TexasLending.com knows many homeowners are upside down on their mortgages, but says that the new FHA Streamline Program has enabled many individuals to refinance. TexasLending.com reports that many homeowners have questions about this new program, and the mortgage lender is happy to consult with them one-on-one to determine if the FHA Streamline Program is a viable option.
Refinancing, TexasLending.com explains, is a way for cash-strapped homeowners to lower monthly mortgage payments. This can allow them to have extra cash for other needs or simply more affordable house payments, says TexasLending.com. Under FHA’s Streamline Program, usual qualifications are altered to allow homeowners to qualify who otherwise might not. For those who come to TexasLending.com and inquire about financing but are not eligible, the FHA Streamline Program has provided an answer.
Under the FHA Streamline Program, says TexasLending.com, homeowners refinance using the home’s purchase price. Traditionally refinancing has been approved based on the home’s current value, but TexasLending.com says this became a problem when many home values dropped. According to TexasLending.com, an “underwater” mortgage is one where the home’s value has dropped so much that a homeowner owes more than it’s worth. In this case, lenders traditionally aren’t able to refinance. However, TexasLending.com reports that with the FHA Streamline Program, an appraisal isn’t even required. A homeowner simply completes paperwork through TexasLending.com.
Another plus with the FHA Streamline Program is that a homeowner with credit issues can qualify. Even unemployed homeowners have been able to refinance through the FHA Streamline Program. Unfortunately, only those whose original loan was through FHA will qualify for the program. TexasLending.com can work with homeowners to determine if there is another Federal program that can help these homeowners, however.
The FHA Streamline Program can also apply to those who have recently bought a home. As TexasLending.com explains, mortgages closed after May 1, 2009 are eligible but at a higher insurance rate. For mortgages after that date, significantly lower mortgage insurance rates are available for FHA Streamline Program.
At TexasLending.com, homeowners are treated to one-on-one customer service, where each phase of the loan process is carefully explained. This attention to personalized service has placed TexasLending.com as a preferred mortgage lender in the Dallas-Fort Worth area for six consecutive years. The company has been named the Consumers’ Choice in the Mortgage Lenders/Non-Banks category for six consecutive years, prompting recognition from State and local government officials.
For more information, visit Texas Lending online at www.texaslending.com.
4100 Alpha Rd.
Dallas, TX 75244