FHA Streamline Rates Florida

FHA Streamline Rates Florida

FHA streamline rates Florida. 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:

• 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 income verification
• No appraisal required
• No asset verification
• No cost qualify

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.

• 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

Call us 888.958.5382

We look forward to working with you.

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

Call us 888.958.5382

We look forward to working with you.