Brought to you by your trusted advisor: Daniel A. Sosa
Beginning November 17, 2009, the FHA will make it harder to qualify for its popular Streamline Refinance program. Available exclusively to homeowners with existing FHA home loans, the streamline program is meant to help homeowners reduce mortgage payments as simply as possible. As such, the program carries minimum eligibility requirements.In fact, the FHA Streamline Refinance is more notable for what it doesn’t require from applicants.
- There’s no income verification
- There’s no asset verification
- There’s no employment verification
- There’s no appraisal required
The two biggest qualifiers, really, are that the homeowner meets a minimum credit score and that the new loan doesn’t exceed the original balance of the old loan. The new program guidelines, however, are much stricter. Effective next month…..
To read the rest of this mortgage industry blog, or to begin your mortgage loan approval, visit:
http://www.loanapproval411.com/info_01/page_1.rad
Sincerely and respectfully,
Daniel A. Sosa
PMZ Mortgage Consultant
Office: 209-472-2010 x4716
Cell: 209-298-8017
Email: dsosa@pmzloans.com
Website: www.loanapproval411.com
