FHA Purchase and Refinance Mortgages

FHA Purchase Mortgage Loan:

FHA mortgage loans and FHA purchase mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory rate limits.

Learn more about FHA loans. (Department of Housing and Urban Development)

Apply for your FHA loan with our HUD-qualified lenders.

 

Streamline Your FHA Mortgage

FHA has permitted streamline refinances on insured mortgages since the early 1980s. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

 -  

The mortgage to be refinanced must already be FHA insured.

 -  

The mortgage to be refinanced should be current (not delinquent).

 -  

The refinance results in a lowering of the borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

 -  

No cash may be taken out on mortgages refinanced using the streamline refinance process.


Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamline refinance. Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

Detailed instructions to the lenders are contained in HUD Handbook 4155.1.6.C.



Mortgages Edina, Mortgages St. Louis Park, Mortgages Minneapolis, Mortgages St. Paul, Mortgage Rates St. Cloud, Interest Rate Maple Grove, Minnetonka, Uptown Minneapolis, Wayzata, Waconia, Ham Lake, Whitebear Lake, Brainerd Lakes Area, Mankato, New Ulm, Rochester, Crystal, Richfield, Prior Lake, Plymouth, Shoreview, Eagen, Woodbury, Golden Valley, Duluth, Refinance, First Time Home Buyer, FHA Mortgage, New Home Purchase, Obama Refinance, Homeowner Affordability and Stability Plan, Lake Homes, FHA Lake Calhoun, FHA Lake of the Isles, FHA Lake Harriet, Mortgage MN, Refinance MN, Mortgages MN, First Time Home Buyer, FHA Purchase, 203k FHA, New Home Purchase, Buying Home, Home Purchase, FHA Purchase Mortgage, FHA Home Loan, Wisconsin


Apply Now

Return to Loan Options

 

Quick Quote

Quick Quote Image

 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
secure

Trusted. Experienced. Secure.

 
 
 

Real Estate Marketplace

Featured Property:

picture
 




3.0 Bed 3 Bath, Blaine, MN
364,900
View More

 
 

Home SearchView Featured HomesDream Home RequestHome Value Wizard