FHA Streamline Refinance Program

FHA Streamline Refinance Program

FHA streamline refinance program is 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 changes does not require an appraisal on a FHA streamline refinance. FHA does not require a credit report on a FHA streamline refinance. FHA does not require a minimum credit score to qualify on a FHA streamline refinance. Effective on or after April 18, 2011, FHA no longer requires employment and income verification on the FHA streamline refinance program.

A borrower is eligible for a FHA streamline refinance without credit qualifying if they have made their last 12 months mortgage payment on time and your current mortgage is an FHA loan.

  • No minimum credit score to qualify
  • No appraisal required
  • No credit report required
  • No income verification
  • No employment verification
  • No asset verification

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 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.

  • the borrower must have made at least six payments
  • mortgage being refinanced at least six full months must have passed since the first payment due date of the refinanced mortgage
  • at least 210 days must have passed from the closing date of the mortgage being refinanced

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KEYWORDS: FHA Streamline Refinance Florida,

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FHA lowered its

Upfront Mortgage Insurance Premium (UFMIP)

to just .01 percent

and

reduce its annual premium to .55 percent

FHA Streamline Refinance Program

Call us 888.958.5382

Apply Now!

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

Apply Now!

Call Now, Our Staff is Available 888-958-4228