The national news has been full of stories about the need for many to refinance. For many this is a real challenge. Fortunately for those who have a mortgage with FHA you can make use of the FHA refinance streamline to refinance your current FHA home loan anywhere in the country. Not all lenders offer FHA Streamline mortgage refinance services so make certain you are working with someone who is familiar with FHA refinance streamline refinancing.
In order to get an FHA refinance streamline, you must have a current FHA home loan and not late on any payments within the previous 12 months. If this is the case, it’s easy to pre-qualify for these programs. Even if your current FHA home loan payoff amount exceeds your current home value, you could use the FHA refinance streamline and not be required to get a new home appraisal.
Advantages of the FHA Streamlines Mortgage Refinance Program
- Appraisal generally not required
- Not much paperwork
- No employee verification, income verification, credit check, or underwriting fee
- Simply increase or decrease the length of the term of your existing loan
- Get advantages of current low rate interest
- Little or no out-of-pocket expenses
The FHA streamlines mortgage refinance program is a government sponsored plan and has been around since the early 1980's. The word "streamline" refers to the amount of documents which the underwriter requires.
Are you paying too much for your FHA mortgage?
Refinanceitt.com can save you thousands of dollars on your mortgage without additional out of pocket expenses and using your original loan documents. In addition, if you’re having an existing FHA loan for which you are previously approved, so you actually can lower your rate today. This is the best time to refinance. We invite you to checkout our rates.
FHA Streamline Mortgage Refinance Loan Requirements:
- Your loan needs to be an FHA HUD Insured loan
- The FHA loan needs to be at least 6 months old
- The refinance should lower the principle and interest payments by as a minimum $50.00 per month or be converting from an ARM to a fixed rate mortgage
- The mortgage must have been on time for the most recent 12 consecutive months and have no present defaults on any government loan
- You cannot receive cash back
- An evaluation is required if rolling in your closing costs.
- Any current new liens need to secondary to the new mortgage
Advantages of a Streamline Mortgage Refinance with Refinanceitt.com … Why should you get one?
- One of the important advantages of having a current FHA Loan is the ability to do a streamline home refinance.
- In case your loan has already been accepted by HUD once for a government insured FHA product, doing a streamline refinance comes with lower closing costs.
- If you don't presently have an FHA mortgage, you aren’t qualified for a streamline mortgage. We can still help you refinance your current conventional or sub-prime loan with an FHA loan, which would allow you to gain the advantages of the Streamline refinance program on your next refinancing.
- Through the FHA streamline home program, as long as your loan payments have been on time for the previous 12 months, you can usually get any changes made in market interest rates. Right now at very low rates you will want to take advantage of these changes.