Indigo Mortgage, an Albuquerque, New Mexico mortgage company with four lending divisions to serve the residential, commercial, VA and reverse mortgage markets, recommends that consumers begin applying for FHA mortgage loans as the FHA streamline program rolls out in June.
The FHA streamline refinancing option helps homeowners to reduce the interest rate on their current home loan quickly and usually without the need for an appraisal to get FHA loan approval. The FHA Streamlined Refinance was also designed to significantly reduce paperwork for the lender, which can be passed onto homeowners in the form of fewer fees and a faster refinance process. The main benefit is that it allows homeowners to take advantage of the very low interest rates and be able to keep the extra money from the interest savings to apply toward some other necessity or for some other good use.
To qualify for the FHA Streamlined Refinance program, a homeowner’s original home loan must be an FHA loan that is in good standing and the refinance must be able to reduce the monthly interest payments on this current FHA loan. This type of refinance program does not allow for any cash back or cash out payments.
For those homeowners that have a conventional loan but want to refinance with an FHA refinance loan, there are additional requirements often necessary for any refinance. These extra requirements include employment verification, debt ratio assessment, credit check and other analysis. However, it is worth considering despite not qualifying for the streamline program as an FHA refinance loan can still more than likely produce better interest rates and lower monthly payments.
In commenting on the upcoming expanded FHA refinance options, Benjamin Lucero, President, said, “We want to urge New Mexico homeowners and home buyers to act on the FHA Streamlined Refinanced program, a traditional FHA refinance, or an FHA loan because these offer the best interest rates possible and help the existing homeowner as well as the new home buyer get better monthly payments that will help them stay in their home for the long term. Because no one else cares as much about your loan as we do at Indigo, we encourage you to get started now as the upcoming roll-out will drive up the amount of mortgage loans being processed, and we want to ensure that we can focus on providing you with the best options available that suit your individual needs.”
About Indigo Mortgage
Headquartered in Albuquerque, New Mexico, Indigo Mortgage is a locally owned and operated mortgage company that is 100% certified NMLS (National Mortgage Licensing System) with expert mortgage brokers and loan originators. The company operates four divisions: New Mexico Residential Mortgage Division, New Mexico Commercial Loan Division, New Mexico VA Mortgage Loan Division and New Mexico Reverse Mortgage Loan Division. Indigo Mortgage was founded by Benjamin Lucero and operates on a philosophy of personal service, high integrity, fairness, and moral and ethical behavior. The company’s motto is: “Because nobody cares more about your mortgage loan.” For a quick loan analysis click here Quick Loan Analysis. For more information on their mortgage services, please visit www.indigomortgage.net.