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California FHA Refinance Loans

FHA Refinance Loan Information for California                                               

 

 

 

 

 

 

 

 

 

 

 

 

 

FHA News

FHA loans benefit homebuyers by providing low down payment options and credit criteria more flexible than conventional loans. (FHA loans)

 

FHA Streamline Refinance

FHA streamline refinance loans make it easier for homeowners with current high rate FHA loans to refinance their mortgage.  Streamline refinance loans do not require appraisals (streamline refinance Loans)

 

Down Payment Assistance

CHDAP- California Homebuyer's Down payment Assistance Program Offers a deferred-payment subordinate loan in the amount of (3%) of the purchase price or appraised value, which ever is less to be used for down payment and/or closing costs

(down payment assistance)

 

 


 

 

 

FHA Streamline Refinance Loans

 

Streamline Refinance loans refer to the limited paperwork involved in obtaining the refinance loan, the term does not reference the costs involved.  A lender may offer a "no cost" streamline loan, but the interest rate is typically higher as costs are usually paid from the premium charged.  In order to obtain a lower interest rate, the homeowner may chose to pay the costs in cash at closing.  Guidelines do not allow the costs to be added to the current balance if the loan amount

 

Highlights of the FHA Streamline Refinance Loans

 

1- In order for a mortgage to be considered for the Streamline program the mortgage must already be FHA insured

 

2- Payments on the mortgage to be refinance must be current

 

3- The streamline refinance must result in the lowering of current mortgage payment(s)

 

4- No cash may be taken out from equity of the refinanced property

 

5- Property must be owner occupied for a streamline refinance

 

 

 

 

Streamline Refinance Loans                                                      HUD            CalHFA