Finding a mortgage lender with experience with FHA loans can be difficult, but finding a mortgage lender who’s willing to work with you to ensure that you get the mortgage loan you need, and at an affordable rate can be nearly impossible. East West Mortgage takes pride in our ability to meet our client’s mortgage needs, as well as set new standards in the mortgage industry. With a variety of FHA mortgage loan programs, including FHA refinance loans and FHA mortgage loans, all at competitive low rates.
FHA Refinancing
East West Mortgage offers an FHA streamline refinance, which refers 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. FHA streamline refinancing is available with a few different options. A “no cost” refinance loan is often offered and no “out of pocket” costs are associated with this type of loan. The interest rates for “no cost” refinancing are generally higher to make up for the costs. From this premium, the mortgage lender pays any closing costs that are incurred on the transaction. To qualify for an FHA streamline refinance, home owners must meet the following requirements:
- Your loan must already be an FHA HUD insured Loan
- The FHA loan must be at least 6 months old
- The refinance must lower the principle and interest payments by more at least $50.00 per month or be converting from an ARM to aFixed Rate mortgage.
- The mortgage must have been on time for the most current 12 consecutive months and no present lates/defaults on any government loan
- You cannot receive cash back
- An appraisal is required if rolling in your closing costs (we can do a no closing cost loan!)
- Any existing new liens, must subordinate to the new mortgage
If you have any further questions regarding an FHA Refinance, feel free to call us at 1-800-880-4202 or if you would like to check our current FHA Refinance Rate, please visit our mortgage interest rates webpage.
