www.504Experts.com The SBA has announced details for its SBA 504 Loan Refinance Program. Mercantile Capital Corporation CEO and Cofounder, Chris Hurn, has done all the legwork to understand the complexities of this new program. Watch this video to find out all the eligibility requirements you need to know about 504 Refis, and to hear how this will help you quickly shrink your bank’s balance sheet (because of regulatory pressure or to meet new capital ratio requirements, for instance). After you watch this, call 1-866-622-4504 or email ChrisHurn@MercantileCC.com with any questions you might have.

Robert A. Olivas Presents FHA Refinances “FHA Streamline” FHA Streamline Loan option features reduced paperwork and faster processing than the initial FHA loan application. If a borrower is only looking to reduce the current interest rate and has an existing FHA mortgage. The word “streamline” means only that the amount of documentation and underwriting that needs to be performed is reduced. The FHA streamline refinance does not allow for a “cash-out.” If you would like to know more about refinance in general Robert A. Olivas has presented similar videos in Refinancing Questions with Robert A. Olivas (part 1) youtu.be and (part 2) youtu.be FHA Streamline Loan stipulates the following: There must already be an FHA mortgage in place The FHA mortgage must not be in delinquent status. The borrower may not have any late or missed payments over the last 12 months The purpose of the refinance must be to lower the borrower’s existing monthly principal and interest payments. Note any change in the mortgage term that results “in an increase in the mortgage payment of more than 20%” requires new underwriting according to the FHA rules and thus is not a Streamline loan. No cash may be taken out on mortgages refinanced using the streamline refinance process No appraisal is required if the loan amount is not being increased over the current loan amount. A subordinate encumbrance may remain as long as it remains subordinate to the FHA mortgage. A borrower must own the property for at …
Video Rating: 0 / 5