What is an Idaho FHA Loan ?
Idaho FHA Cash-Out, Idaho FHA No Cash-Out, and Idaho FHA Streamline Refinance mortgage programs can be a great asset to todays homeowners that want to lower payments or get out of an adjustable rate mortgage. Idaho FHA loans have always been a great option with very low interest rates.
Streamline refinances can only be used on a current Idaho FHA mortgage. They can be done with or without an appraisal, and with or without credit qualification. The streamline refinance does not allow for any cash back to the borrower.
Loan Type Conversion Allowed:
1. 30 yr fixed to 30 yr fixed: The new payment must be lower than the old payment.
2. 30 yr fixed to 15 yr fixed: New payment cannot be more than $50 higher. Note: 15 yr fixed to 30 yr fixed is not allowed.
3. Fixed Rate to ARM: Owner occupied homes only
4. ARM to Fixed Rate
5. ARM to ARM: Rate must be lower than current loan
6. 203K to 203B
Streamline Refinance "Without" An Appraisal:
The new loan amount cannot be more than the original loan amount, OR more than the current principle balance plus closing cost. ... Which ever is less. This only applies to owner occupied as non-owner occupied borrowers can only refinance the existing balance do not have the option of rolling in the closing costs.
The only credit verification required is a verification of mortgage payments. This can be done with 12 copies of canceled checks, front and back. IF canceled checks are available, no in-file report is required unless the underwriter prefers that method to verify mortgage payments.
Streamline Refinance "With" An Appraisal:
An FHA streamline refinance with an appraisal allows the borrower to finance in the closing costs, discount points, and prepaids provided it all fits within the loan to value limits. The new loan amount may be the current principle plus closing costs, discount points and prepaids, OR, the appraised value x 97.75% (97.65%, or 97.15%, high or low cost state). Which ever is less!
For FHA loans, in Boise, Nampa and surrounding areas - call Lisa, your local friendly Idaho Home Mortgage loan expert.
