FHA Streamline Florida 2016

FHA Streamline Florida 2016

To qualify for a FHA Streamline Florida 2016 refinance FHA requires you to currently have an FHA mortgage and your mortgage payments for the last 12 months have been made on time. If you currently have an FHA mortgage and want to refinance FHA allows you to refinance.

• To qualify no mortgage late payments last 12 months
  
• Collection accounts do not have to be paid off
• No minimum credit score to qualify
• No employment verification
• No credit report required
  
• No credit score required
  
• No income verification
• No cost FHA refinance
• No appraisal required
• No asset verification

A borrower is eligible for a FHA streamline refinance without credit qualifying if they has owned the property for at least six (6) 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.

• the borrower must have made at least six payments on the FHA-insured
• mortgage being refinanced at least six full months must have passed since the first payment due date of the refinanced mortgage
  
• at least 210 days must have passed from the closing date of the mortgage being refinanced

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.

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