FHA streamline refinance
Requirements for a streamline refinance - FHA does not require a credit report or credit score for a no credit qualifying streamline refinance without an appraisal. Good credit or bad credit there is no credit check.
And yes! They are still available.
Streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. Streamline refinances must involve no cash back to the borrower except for minor adjustments at closing that are not to exceed $500.
A borrower is eligible for a streamline refinance without credit qualifying if he/she currently has an FHA loan and he/she has owned the property for at least six months. The mortgage to be refinanced must already be FHA insured. The mortgage to be refinanced should be current (not delinquent). No cash may be taken out on mortgages refinanced using the streamline refinance process.
FHA allows streamline refinances without appraisals. If the streamline refinance is completed without an appraisal, the new mortgage amount may exceed the statutory limit by the accrued negative amortization and the new upfront mortgage insurance premium (UFMIP).
Eligible property types:
- owner-occupied
- secondary residences
- investment properties
- condominiums
There must be a net tangible benefit to the borrower as a result of the streamline refinance without an appraisal transaction.
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 no longer requires income on streamline refinance transactions which allows you to refinance with very little amount of documentation.
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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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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
Apply Now!
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