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The FHA has created a rate reduction program called the Streamline Refinance. The Streamline Refinance program provides a way for current FHA homeowners to lower their interest rate with very little or no out of pocket costs. Streamline FHA loans can also be made much faster and with much less documentation than a typical loan. “No Cost” Streamlines let you refinance your mortgage with no out of pocket expenses. No cost and a reduced mortgage payment every month, what are you waiting for refinance your FHA mortgage today.
The basic requirements of a streamline refinance are:
· Borrower's original loan must already be an FHA insured loan.
· The refinance must lower the principal and interest payments of the previous mortgage payment.
· The mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Borrower must have had the FHA mortgage for 6 months.
· Borrower cannot receive any cash back.
· No income or employment verification - No pay stubs or W-2 forms - No termite report.
· Appraisal only required if rolling in the closing costs. Streamlines without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium, plus the new upfront MIP if it is to be financed in the mortgage.
· Any other liens must be subordinated to the FHA loan.
· Borrower must be up-to-date on any federal debts.
No Appraisal
No Credit Check
No Credit Underwriting
No Income Verification
No Qualifying Debt Ratios
Yes the Process is Fast and Easy
If you would like to find out more information or to see if you would qualify for a FHA loan program. Please take the time to fill out the application below to get the process started. Filling out an application in no way obligates you and is completely free to apply, fast and secure. Apply Today!
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