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.
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.
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KEYWORDS: FHA Streamline Refinance Florida,
FHA lowered its
Upfront Mortgage Insurance Premium (UFMIP)
to just .01 percent
reduce its annual premium to .55 percent
FHA Streamline Refinance Program
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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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