President Obama recently announced that a comprehensive package that will be placed which houses administrative actions and legislative proposals in order to help homeowners. This is all in an attempt to support middle class families while also giving a boost to the economy. We’ve got the facts regarding this housing market package in case you’re interested in taking a look.
Both HUD and the Federal Housing Administration (FHA) have been committed supporters of the Obama Administration’s efforts towards improving both the housing market and economy. One great tool that homeowners can take advantage of is the FHA Streamline Refinance.
The FHA Streamline Refinance tool allows for borrowers to refinance on today’s low rates without any additional underwriting. As long as those same borrowers are current on their mortgage payments, they can refinance into a brand new FHA-insured loan.
There are lenders out there that have been quite reluctant to provide FHA Streamline Refinance’s as they are worried of taking on a loan that has not been underwritten. Not to mention the possible negative effect these loans may have on a lender’s FHA Compare Ratio. The Federal Housing Administration has luckily caught wind of these concerns form lenders and changes are now being made. First, FHA Streamline Refinance loans will NO LONGER appear in the Neighborhood Watch Early Warning System. You can expect to see the Streamline Refinances to disappear from the Neighborhood Watch public compare ratio.
With the Federal Housing Administration instituting these changes, lenders should be expected to finally go along with FHA Streamline Refinances allowing homeowners to finally take complete advantage of today’s low rates without having to deal with the additional process of underwriting.
If you’re looking to take advantage of the FHA Streamline Refinance program in Michigan with NO appraisal. Then feel free to contact Riverbank Finance by calling 1-800-555-2098. If you would like to be contacted via email, just fill out the form below.