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FHA Streamline Refinance Mortgage in Illinois and Wisconsin (FHA to FHA)

November 12th, 2008 HUD announces 2009 FHA Loan Limits

Archived Announcements


Ameristar Mortgage can point you in the right direction with a FHA Streamline Refinance!

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.
  • No Appraisal
  • No Qualifying your debt ratio
  • No Credit Check
  • No income verification

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back.

Wisconsin and Illinois FHA mortgage loans are insured by the government and were designed to help more buyers achieve the dream of home ownership. FHA loans are insured by the government and offered by certain approved lenders. Ameristar Mortgage is an approved mortgage banker for FHA loans in Wisconsin and Illinois including major cities such as Chicago, Milwaukee and Madison.


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 is to result in a lowering of the borrower's monthly principal and interest payments.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.
  • You must be able to supply the lender with a copy of your current "NOTE" from your last mortgage settlement.

FHA program highlights:

  • Get a preliminary loan approval in minutes
  • Competitive and attractive rates
  • Long-term amortization
  • Spot loan approvals on condos view details
  • Fixed and arm loan rates
  • Financing for 1-4 unit properties
  • PMI is less than what it would be for a conventional loan
  • Monthly mortgage insurance is automatically canceled once the unpaid principal balance reaches 78%
  • Purchase, rate/term refinances, cash out refinances, and streamlined refinances
  • Cash out refinance to 95%
  • 3% down for 97% financing (3.5% down effective January 1, 2009)
  • 100% financing (no money down) with gift funds is available. (Went Away October 1, 2008)

HUD announces 2009 FHA home loan limits
Search FHA Maximum County Mortgage Limits by State

FHA approved condo list

What is PMI (Private Mortgage Insurance)?
PMI is money paid to insure the lender against loss due to foreclosure or loan default. Mortgage insurance is required on conventional loans with less than a 20 percent down payment. FHA mortgage insurance requires a payment of 1.75% and is added to the initial loan balance, instead of being paid out of pocket, as well as an annual fee of 0.55 percent of the loan amount added to each monthly payment.


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Recent FHA mortgage posts on our blog:

FHA Refinance, Cash Out Refinance and Streamline Refinance Mortgage Loans
July 1st, 2008

Illinois and Wisconsin FHA streamline refinance loans, rate and term refinancing and home purchase loans are available to 97%. FHA cash out refinance loans are available to 95%.

FHA Refinance:
FHA refinance loans are the ideal mortgage vehicle for mortgage loans under $417,000 because they are guaranteed by the federal government so that if the borrower defaults, the lender will be able to recoup its investment because an FHA refinance loan is insured.

FHA Cash Out Refinance:
Cash out refinancing is another popular type of FHA home loan that many homeowners use to obtain capital for home repairs, remodeling and debt consolidation.  Cash Out Refinancing Loans with FHA In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. Cash-Out up to 95% of your properties value.

FHA refinance, cash out refinance and streamline refinance mortgage loans are available to all Wisconsin and Illinois residents.

Read the rest of this entry »
 

FHA Mortgage Loans Purchase and Refinance from Ameristar Mortgage
June 12th, 2008

The FHA requirements demand that the applicant for a cash out refinance loan has occupied the premises for at least twelve months, and that payments on the current mortgage have been on time for at least twelve months. A cash out refinance loan cannot be more than the FHA conventional loan limit for the area of the house being refinanced. One of the benefits of Wisconsin and Illinois FHA mortgage loans is that those borrowers with less than perfect credit can often still qualify for a mortgage.

The FHA program comes with no prepayment penalty and can allow you to refinance out of a higher risk Sub-Prime (Bad Credit Loan), Adjustable Rate Mortgage, or other type of loan product, to an FHA program without having to jump through a whole lot of hoops.

FHA loans are available to all Wisconsin and Illinois residents including FHA loans in Chicago FHA, Milwaukee and Madison.

Read the rest of this entry »


Chicago FHA Mortgage Home Loans from Ameristar Mortgage
May 8th, 2008

FHA mortgage in Chicago are available to anybody but are used most often by first time home buyers and low- to moderate-income buyers. FHA loans are insured through a combination of a small upfront mortgage insurance premium (UFMIP), as well as a small monthly mortgage insurance premium.

FHA mortgage loan programs are designed to make homeownership more readily available, so take advantage of what’s available to you today.

For more information on Chicago, Illinois FHA refinance, FHA cash out refinance and FHA purchase home loans please visit our FHA page.

Read the rest of this entry »


FHA Refinance Mortgage Loans

April 4th, 2008

The Illinois FHA streamline refinance and Wisconsin FHA streamline Refinance must lower the borrower's interest rate, thus lowering monthly payments. Many people choose a FHA Streamline Refinance because they can refinance with no out-of-pocket costs. There are certain requirements of a FHA streamline refinance. Learn about your options to refinance or for FHA financing from one of our specialists. What "streamline" basically means in a nut shell is the amount of documentation and underwriting needed by your lender, it doesn’t mean that you will not pay any closing costs when you refinance your FHA loan.

FHA refinance loans are available to all Illinois and Wisconsin residents including Chicago FHA refinance, Milwaukee FHA refinance and Madison FHA refinance mortgage loans. Pre-qualify for an FHA mortgage today!

Read the rest of this entry »
 

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