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Oregon FHA Home Loans
A better home loan?
If you have been unable to get a home loan for the purchase of a new home or the refinancing of your current mortgage, an FHA government insured loan may be for you.
Rates are very competitive, and underwriting guidelines often are more relaxed. One of the key components is the ability to fully document your income.
Some additional FHA Programs
FHA Secure - Refinance out of your Sub-Prime Loan
FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product.
WHO IS ELIGIBLE
To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
- Have a non-FHA insured ARM that has reset; (Or about to reset)
- Sufficient income to make the mortgage payment; and
- A history of on-time mortgage payments before the loan reset.
- If you have been late on payments since the reset date taht might not disqualify you.
Link to the FHASecure FAQ Sheet.
FHA Streamline Refinance - refinancing your current FHA Home Loan
"Streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be FHA insured.
- THe mortgage to be refinanced should be current (lates in the past may be ok)
- The refinance should result in the lowering of the borrower's monthly payment.
- No cash may be taken out under this program
We can offer you an FHA Streamline Refinance in several ways:
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"No cost" refinance: By charging a higher rate of interest on the new loan, we are able to pay some or all closing costs. |
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"Closing Cost" refinance: The closing costs are included into the new mortgage amount. You must have sufficient equity in your property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. |
For more information on an FHA Streamline Refinance, click HERE.
We will work with you to decide which FHA Loan is best for you and your situation.
Contact me today to see how an FHA Home loan can help you.
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