Home Purchase Mortgage Calculators
Mortgage Program Calculators
In order to qualify for for an FHA Streamline Refinance the original mortgage must be in your name and it must be an FHA mortgage. Because the original mortgage is in your mother's name you will not qualify for an FHA Streamline Refinance. Depending on your monthly income and debt as well as your credit score you may be able to qualify for a conventional mortgage and use the proceeds from the new mortgage to pay-off the existing mortgage that is in your mother's name and lower your monthly payment. The benefit of a conventional mortgage, as opposed to an FHA Mortgage, is that you do not have to pay the up-front and ongoing FHA Mortgage Insurance Premium (MIP) which makes a conventional mortgage more affordable for you.
You can use our MORTGAGE CALCULATOR to determine the monthly mortgage payment for various mortgage amounts and interest rates. You can also use our REQUIRED INCOME MORTGAGE CALCULATOR to determine how much monthly income you need to earn to qualify for a certain mortgage amount.
One point we should highlight is that lenders typically require you to make payments on a property that you bought or were deeded for twelve consecutive months before you refinance but lender policies on this point can vary.