Anyone in US had experience with FHA streamline loans/Mountain Home Mortgage?

Posted on Oct 5, 2012 in FHA Information

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Question by funoburgmom: Is there any company that will give a person a home loan with good credit and student loans?
Iam trying to buy a house. I have good credit. The only problem on my credit is my student loans. I am getting them consolidated. I have the paper work that shows that, shop but no one want to give me a loan. (DTI is the problem) Is there anyway around this? I am tried of renting.

Best answer:

Answer by Steve D
Try again after you have had your loans consolidated and you have your new payment schedule. Until the debts are officially consolidated, ailment nothing is final and if the DTI is over the 39 to 41% (depending on lender) with mortgage payment, you won’t have any luck.

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Question by Amber T: What is the actual fico score number you must have in order to qualify for a NINA no doc mortgage?
Is this number calculated by the 3 bureaus added together and then averaged, order the middle number, or is it just dependent on the lender. I have heard several things, but I would like to know what the real deal is in most cases when you have good to excellent credit.

Best answer:

Answer by robert495713
It depends on the LTV and the lender’s guidelines. Usually you can get it with a 720 score, sometimes 700 but again this depends on the LTV. There are programs for lower scores but usually the interest rate is much higher and you’re better off with a different program.

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Question by : Anyone in US had experience with FHA streamline loans/Mountain Home Mortgage?
got a letter in the mail to do a streamline loan just wondering if anyone has ever done this and was it worth it? We have lived in our home 3 years last month and not much equity has been built??

Best answer:

Answer by jlf
Yes, unhealthy many people do Streamline refis. The FHA Streamline program will refi an existing FHA loan in good standing. You can’t be delinquent on the existing loan, website you can’t get “cash out” and the new loan must result in a lower monthly payment. Fees/closing costs can be paid in cash or rolled into the new loan. No appraisal is required.

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