FHA Improves Already Great Loan Program!


FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates.

But what do you need to qualify for an FHA Streamline loan?

To begin, you need an existing FHA mortgage.

For those who do have an FHA home loan, the other requirements for FHA Streamline include:

·       The loan has to have been recorded on or before June 1, 2009.

·       Being current on the existing loan with all mortgage payments made on time for the last year.

·       You must own the original property for at least six months  before you can qualify for refinancing.

·       To refinance you’ll need an FHA-approved lender. Several lenders are competing for this business, so getting  loan pricing from other lenders is strongly advised. Greater Bay Mortgage Company represents  many of the leading FHA lenders in  the industry. We know who is pricing the market  on a daily basis.

·       FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.

·       Closing costs must be paid up front or arranged for through a “no cost”FHA Streamline loan. Greater Bay Mortgage Company specializes in NO COST LOANS!!  

There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary Streamline loans with a few exceptions:

·       The 203(k) has a minimum of $5,000. The maximum loan amount is $35,000. This amount is added to the mortgage and can be used for the following purposes:

*Repair/ Replace roofs, gutters, and downspouts; upgrade heating, ventilation and A/C; plumbing, electrical, and septic tanks; replace flooring, exterior/interior painting; weatherizing, including storm windows and doors, insulation, weather stripping, etc.; Purchase and installation of appliances, including free-standing ranges, refrigerators, washers and dryers and microwaves; Accessibility improvements for persons with disabilities; Repair/|Replace/Addition of exterior decks, patios, porches; Basement waterproofing, finishing and remodeling –no structural changes; Window and door replacement and exterior wall re-siding; Lead-based paint stabilization and abatement; Mold and Termite Abatement

·       You are required to use at least one contractor to do the repair work. Self-help renovations are not allowed unless the borrower can prove they have proper expertise.

·       When choosing a contractor, FHA guidelines state you must get an estimate which is broken down into specifics regarding the costs of each project. Contractors must sign an agreement to do all the work included in the estimate for the amount and within the time specified.

·       You must obtain all permits required by law.


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