Refinancing And Streamlining FHA Loans
The decline of the housing market has put many borrowers in a difficult situation as they struggle to pay large mortgages on properties that are no longer worth the amount borrowed. To assist borrowers, mortgage lenders may provide borrowers with certain options — like refinancing and streamlining of FHA loans.
At the Baker Law Firm, in Danbury, our experienced attorney, Larry Pereira, works closely with clients to help them protect their options. We often guide them through the streamlined refinance of insured mortgages.
FHA loans have been helping people buy their first home since 1934. At the Baker Law Firm, our attorneys assist these homebuyers as well as represent others seeking guidance on FHA refinance loans or FHA reverse mortgages.
About FHA Refinance Loans
The “streamline” refers to the amount of documentation and underwriting that must be performed by the lender; it does not mean that there are no costs involved in the transaction.
Our lawyers can guide you through the basic requirements of a streamline refinance:
- The mortgage must already be FHA insured.
- The mortgage cannot be delinquent.
- The refinance must lower the borrower’s monthly payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.