New FHA guidelines changes requires that the new mortgage balance remain the same. Only your interest rate, monthly payments or term changes. What you owe will remain the same.
FHA 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 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.
Florida FHA streamline 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.
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