FHA streamline guidelines Florida
To qualify for a FHA streamline refinance in Florida 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:
New FHA guidelines changes
requires that the new mortgage balance remain the same as your current
mortgage balance. Your new loan amount must be the same as your current
loan amount after you refinance it cannot increase. If you owe $100,000
now after an FHA streamline you will still owe $100,000 after you
refinance. Only your interest rate, monthly payments or term changes.
What you owe your current balance will remain the same.
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 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.
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FHA Streamline Refinance Requirements
To qualify for a streamline refinance your current mortgage must be a FHA mortgage
No Minimum Credit Score Required
There are no minimum credit scores required to qualify for a streamline refinance
No credit score required
No Appraisal Required
There is no appraisal required to qualify for a streamline refinance
No appraisal required
No employment verification
You don't even have to have a job they don't verify it
No employment required
No credit report required
You must have 12 months on time mortgage payments
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