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:
New FHA guidelines changes
requires that the new mortgage balance remain the same as your current
mortgage balance. Your new loan amount must be the same as your current
loan amount after you refinance it cannot increase. If you owe $100,000
now after an FHA streamline you will still owe $100,000 after you
refinance. Only your interest rate, monthly payments or term changes.
What you owe your current balance will remain the same.
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.
New FHA guidelines does not allow your new mortgage balance to increase. FHA does not require an appraisal on a streamline refinance. FHA does not require a credit report. No minimum credit score is required. Effective on or after April 18, 2011, FHA no longer requires employment and income verification on streamline refinance loans.
FHA Streamline 2016 FHA Streamline 2016
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Call us 888.958.5382
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
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What's the minimum credit score needed to buy a house or refinance in Florida?
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FHA loans
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans
USDA loans require a minimum 580 credit score to buy a houseor refinance
HOMEPATH
HomePath loans require a minimum 620 credit score to buy a house
HARP refinance
HARP loans require no minimum credit score torefinance
Freddie Mac
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.
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888.958.5382