KEYWORDS:FHA Streamline Refinance 2013, FHA Florida Streamline Refinance 2013, FHA New Jersey Streamline Refinance 2013,
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.
FHA does not require an appraisal on a streamline refinance. FHA does not require a credit report. No minimum credit score is required. Effective 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:
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KEYWORDS: FHA Streamline Refinance 2016,
FHA Streamline Florida Refinance 2016
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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