FHA Streamline Refinance Program
FHA Streamline Refinance Program
FHA streamline refinance program is 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 changes 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 to qualify 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.
- No minimum credit score to qualify
- No appraisal required
- No credit report required
- No income verification
- No employment verification
- No asset verification
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.
- the borrower must have made at least six payments
- 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 888.958.4228
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
We look forward to working with you.
We look forward to working with you.
KEYWORDS: FHA Streamline Refinance Florida,
Recent Articles
-
Credit Score Requirements for FHA 2023
Jun 06, 23 09:18 AM
Credit Score Requirements for FHA 2023. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500. -
Best Mortgage Rates in New Jersey.
Jun 01, 23 09:40 AM
Best Mortgage Rates in New Jersey. See if you qualify for the lowest mortgage rates available! -
No Income Verification Mortgage Florida. No Income Documents Required.
May 31, 23 10:59 AM
A no income verification mortgage, is a type of home loan that allows borrowers to secure financing without providing traditional proof of income, such as pay stubs, W-2 forms, or tax returns.
FHA lowered its
Upfront Mortgage Insurance Premium (UFMIP)
to just .01 percent
and
reduce its annual premium to .55 percent
FHA Streamline Refinance Program
Call us 888.958.5382
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!
Call Now, Our Staff is Available 888-958-4228