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 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.
FHA streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. The new loan must involve no cash back to the borrower, except for minor adjustments at closing, not to exceed $500.
New FHA guidelines does not allow your new mortgage balance to increase. FHA does not require an appraisal on a streamline refinance. FHA does not require a credit report. No minimum credit score is required. Effective on or after April 18, 2011, FHA no longer requires employment and income verification on streamline refinance loans.
A 203(k) rehabilitation mortgage may be refinanced into a streamline mortgage after all work is complete.
The rehabilitation work is considered complete by:
Call us 888.958.5382
FHA streamline refinance changes 2017, FHA streamline changes for 2017, FHA streamline guidelines changes, FHA streamline refinance program changes, HUD changes FHA streamline refinance requirements, FHA streamline loan changes 2017, FHA streamline changes credit score requirements 2017, FHA streamline MIP changes 2017, FHA streamline refinance changes in 2017, FHA streamline program changes, FHA streamline refinance changes 2017, FHA streamline rule changes,
What's the minimum credit score needed to buy a house or refinance in Florida?
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans require a minimum 580 credit score to buy a houseor refinance
HomePath loans require a minimum 620 credit score to buy a house
HARP loans require no minimum credit score torefinance
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
Call Now, Our Staff is Available!