Mortgage rates hit a new low encouraging homeowners to look for new mortgages. The Federal Reserve unveiled its third round of stimulus in September 2012. To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit scores.
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 lower FHA streamline refinance rates 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.
What documentation will I need?
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