FHA home loan rates have dropped to the lowest levels of 2008 on news that the Federal Reserve could buy up to $600 billion in mortgage-backed debt.  If this action happens, it could lower mortgage rates even further.  Now is the time to lock in on a streamline refinance if you have been waiting for the right time!

An important change to the standards for an FHA streamline refinance has taken place.  FHA streamlines do not require a full credit check, but your pay history on your mortgage is pulled.  In the past, one 30 day mortgage late, and with some lenders, 2 lates were acceptable.

 

Starting this week, most lenders have gone to a policy where no mortgage late payments are allowed over the past 12 months.  You must have a ...

The FHA home loan program has been one of the bright spots int he lending world, helping homeowners and first time home buyers with less-than-stellar credit qualify to buy a home.  That is still the case today, but llike all other mortgage programs, FHA guidelines are tightening up.

 

Currently, you will need a minimum credit score of 580 to qualify for an FHA mortgage.  You can also have only minor derogatory credit over the ...

Rates are down sharply today on the news over the weekend of the government bailout of mortgage giants Fannie Mae and Freddie Mac.  Although Fannie and Freddie do not back FHA loans and this does not affect FHA rates directly, FHA rates are still down on the news and may continue to get even better.

 

Now is the time to consider taking advantage of the FHA Streamline Refinance program.  If your FHA 30 year ...

One thing that home buyers forget about, especially first time homebuyers, is closing costs.  Not only do you have to have a down payment to buy a home these days, but every transaction has closing costs.  Closing costs can total 2-3% of your loan amount, or even more in some states.

 

If you find the right seller, however, you can ask the seller to pay your closing costs as part of your offer.