Do you currently have an FHA loan? Have you considered refinancing, but don’t want to go through the entire mortgage process all over again? We’ve got great news! The FHA Streamline program is perfect for you.
Advantages of the FHA Streamline
The FHA Streamline is the fastest and easiest way for a borrower to qualify for a refinance.
No Appraisal is Required
The FHA Streamline does not require an appraisal. Instead, they assume that your home is worth the original purchase price. This appraisal waiver can save a borrower hundreds of dollars and also means the loan with be processed faster. Another great thing about the appraisal waiver is if you owe more than your home is worth, refinancing is still an option for you. It’s a total win-win.
No Verification of Income or Employment is Required
Since the borrower has already qualified for an FHA loan, they are able to qualify for a FHA Streamline with no verification of employment or income. Streamlines are also available to borrowers with a credit score as low as 580.
Streamline Program Requirements
In addition to holding a current FHA mortgage, the other requirements include:
- At least 6 months have passed since your current mortgage was issued.
- No late payments have occurred in the last 12 months
- You must receive a benefit from refinancing. Examples of this include a lower interest rate, a lower monthly payment or both!
- Closing costs must be paid with cash at closing or rolled into the new interest rate.
Why Should I Refinance Now?
Refinancing is a great way to take control of your finances. The FHA Streamline program is an easy way for you to lower your interest rate and monthly payment. With interest rates still at historic lows, now is a great time to refinance your home!
Want more information on refinancing? Fill out our appointment request form or give us a call at (517) 618-1816.
At Mortgage Explorers, We Say Yes! | Okemos Mortgage Broker