May 21, 2012
FHA home loans aren’t just for new purchase mortgage transactions, there are also different types of refinancing loans available. FHA streamline refinancing, so named because of the reduced amount of paperwork and procedures associated with underwriting the refinancing, is one such option.
FHA streamline loans come in two basic types–no-credit-check refinancing and credit qualifying refinancing loans. Borrowers may or may not be eligible for the no-credit-check version of the FHA streamline loan, depending on the circumstances. For borrowers who are applying for a credit qualifying FHA streamline loan, the FHA has a set of rules to be aware of–when applying for credit qualifying streamline refinances, the lender is required to do the following:
–View and verify the borrower
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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