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The FHA Simple Refinance

FHA's Simple Refinance 

On 9-14-2015,  HUD has released new FHA Guidance that includes dozens of changes to FHA Rules for qualifying borrowers to purchase and refinance homes.  This article will focus on FHA's new Simple Refinance.   The new FHA Guidelines eliminated that FHA Streamline Refinance with Appraisal.   This Streamline was beneficial to some FHA refinances as the Closing Costs and Prepaid items such as Property Tax and Insurance could be included in the Loan.   With a FHA Streamline without Appraisal,  the Closing Costs and Prepaid items such as Property Tax and Insurance must be paid either by the borrower in cash, by a Lender Credit, or a combination of the two (most common option).

What is the FHA Simple Refinance?

The FHA Simple Refinance allows you to refinance your current FHA Loan into a new FHA Loan.   The Simple FHA Refinance requires credit qualification and Appraisal.   Credit Qualification is the process of analyzing credit, income and assets to ensure the borrower qualifies for the new loan terms.   This loan can include all of your Closing Costs and Prepaid items in the loan amount as long as the Appraised value supports the numbers.  (OK up to 97.75% Loan to Value).

Why would I want a FHA Simple Refinance vs a FHA Streamline without Appraisal?

Every situation is different, and we advise that you contact us to review both options to see which makes the most sense for your goals.   The FHA Simple Refinance would have very low out of pocket costs and may even make a lower rate more workable for situations where there is equity available.   The FHA Streamline Refinance without Appraisal is perfect for situations where the home hasn't increased in value much, or where adding the closing costs to the principal balance doesn't fit with a borrowers long term plans (such as plans to move or sell within a few years).

>>> We offer free analysis of your FHA Refinance options.   Contact us online to get started now or call direct at 866-900-2342.

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We proudly offer a full array of Government Conventional, and Jumbo loan Options including FHAVAUSDAFHA JumboVA Jumbo, VA Refinance, Conventional, JumboVA Condo loans,   FHA 2-4 Unit LoansVA 2-4 Unit Loans, FHA 203K Rehab Loans,  5% down Conventional loans Conventional Condo's OK to 95%,  95% conventional purchase with ZERO Monthly PMI, and more.  

 

Veterans:  We are able to help Veterans with a new home purchase with a VA Loan or VA Jumbo Loan as soon as 2 years after Bankruptcy, Foreclosure, or Short Sale (even sooner if Short Sale involved no late payments).  Call Today - get back into homeownership!  

 

--> VA Loan Limits for 2016.  Learn More - Up to $625,500 with zero money down VA Jumbo Loan 

 

--> VA Loans over the County VA Loan Limit - yes, we allow this:   Read more detail on how to get a VA Loan Over your County VA Loan Limit here  VA Loans up to $1.5M!

 

--> Answers to Common VA Loan Questions - VA FAQ Series

We serve the entire state of California  including: Anaheim,  Antioch,  Bakersfield, Brentwood, Burbank,  Carlsbad,   Chula VistaCorona,  Coronado, Downtown San Diego, EncinitasEscondido, Fallbrook,  Fremont,  FresnoHermosa Beach, Huntington BeachIrvineLong BeachLos Angeles, Marina Del Rey,   Menifee, Monterey, MurrietaOakland, Oakley,  Oceanside,  Ontario,  Pasadena ,  Poway,   Rancho Cucamonga,  Redlands,   Riverside,   Sacramento,        San BernardinoSan DiegoSan FranciscoSan JoseSan MarcosSan MateoSanta Ana,  Santa Clarita,   Santa MonicaTemecula, Torrance, Ventura, Vista, and all other CA Cities and areas.

 

We now serve the entire state of Virginia including Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, and all other Virginia Cities, Towns and Counties. 

 

We also serve the entire state of  Washington including:  Auburn, Bellevue, Bellingham, Bonney Lake, Bothell, Bremerton, Des Moines, Edmonds, Everett, Federal Way, Ferndale, Issaquah, Kent, Kirkland, Lacey, Lake Stevens, Lynnwood, Mercer Island,  Mill Creek, Monroe,  Montlake Terrace, Mt Vernon, Mukilteo, Olympia, Puyallup, Redmond, Renton, Seatac, Seattle, Silver Lake, Snohomish, Spokane, Sumner, Tacoma, Tumwater, Vancouver, Wenatchee, Woodinville, Yakima and all other WA cities and towns. 

 

We also serve Colorado, GeorgiaMassachusetts, Michigan, Mississippi,  Indiana, Tennessee, Texas, and Wyoming Homebuyers and Homeowners.  

 

VA Loan Limits 2016     FHA Loan Limits 2016     Conforming Loan Limits 2016

All information is subject to change without notice.

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VanDyk Mortgage is a private company specializing in FHA & VA financing,  VanDyk Mortgage Corp is not a government agency. Corp 2449 Camelot Ct SE, Grand Rapids, MI 49546 

 

Branch address  310 Via Vera Cruz, ste 210 & 211, San Marcos, CA  92078  760-752-4480 direct

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Comment balloon 0 commentsBrian Skaar • September 15 2015 08:58AM
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