KEYWORDS:FHA Streamline Changes 2013, FHA Streamline Changes Florida 2013, FHA Streamline Changes New Jersey 2013,
The basic requirements of a FHA streamline refinance are:
To qualify for a streamline refinance FHA requires you to complete a
mortgage application to begin the process. If you currently have an FHA
mortgage and want to refinance FHA allows you to refinance:
A borrower is eligible for a FHA streamline refinance without credit qualifying if they has owned the property for at least six months. Individuals may be deleted from the title on a streamline refinance if the remaining owner-occupant can demonstrate that he/she has made the mortgage payments during this time.
To qualify for a FHA streamline refinance there must be a net tangible benefit to the homeowner. Net tangible benefit is defined as a 5% reduction to the principal and interest (P&I) of the mortgage payment plus the annual mortgage insurance premium (MIP) or refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage.
What documentation will I need?