Generating Qualified Streamline Mortgage Leads

What is The Best Way to Generate FHA Streamline Mortgage Leads?

The FHA Streamlline Refinance Mortgage Lead is is a cost saving Mortgage campaign, we save by eliminating most of the non qualified prospects that would typically show up in your campains data. This Mortgage Lead Generation Campaign is great for reaching homeowners whose property has increased in value since origination.

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So many Homeowners from the 1990's found themselves living in a house worth much less thatn the price that they negotiated. Not so with the FHA ; because of the Streamline Loan which assumes and refinances the existing amount. This loan becomes interesting to FHA Home Refinance borrowers when the interest rates go down and their current interest rate is higher than the market rate. This is the point where they can convert the loan and need only beat the current payment with a minimum $50.00 payments savings. When FHA Homeowners want to go from and ARM into a Fixed loan they can use the FHA Streamline Mortgage Loan; in fact, in this one instance even if the new payment is not lowered the Loan will be granted.

Characteristics of an FHA Refinance Loan Lead:

1. Less paperwork ie Less Money
2. No underwriting
3. No Credit Check
4. No Qualifying Debt Ratios
5. No Appraisal (unless the closing costs are paid by the Lender).
6. No Employment Verification
7. Fast closing
8. Can go from a 30 Year Mortgage Loan to a 15 year Mortgage Loan
9. Cannot go from a 15 Year Mortgage Loan to a 30 Year Mortgage Loan.
10. Can be taken for either 30 years or the current mortgage + 12 years.
11. No prepayment penalty
12. Approved as long as the Interest and the FHA Mortgage Loan Amount are lower than the present loan. ( aside from the above mentioned ARM conversion.)
13. No Cash Back Loan
14. One very unique feature of the FHA Streamline Mortgage Loan is that someone can be added to the Mortgage without a credit check.

Requirements For The FHA Streamline Mortgage Leads

To qualify for The FHA Streamline Mortgage Leads the FHA borrower must accrue the following

1. An existing FHA insured Mortgage Loan
2. A 12 month period of on-time mortgage payments to date (in fact the credit score can be low as long as borrowers are in good standing with their Mortgage Lender.) Even though HUD approves the loan the lender may not.
   
3. Able to find terms with lowered payments and interest.
4. No unpaid Federal Debt.
   

And that's it for your campaign. This is a group that is easily targeted with just a bit of knowledge about the region, interest rates, income and how long the original FHA Mortgage Loan has been in place. As a Mortgage Specialist you know that working with a prime list means less work; so call ESL today.

FHA Streamline Loans - Different Than The Rest