FHA Streamline Refinance Rates

FHA Streamline Refinance Rates

Mortgage rates hit a new low encouraging homeowners to look for new mortgages. The Federal Reserve unveiled its third round of stimulus in September 2012. To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit scores.

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 appraisal required
  
• No credit report required
  
• No employment and income documentation

A borrower is eligible for a lower FHA streamline refinance rates 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
  

What documentation will I need?

• W2's for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months for each active account with sufficient reserves (all pages)
• Latest retirement statement for each active account (all pages)
• Residence addresses for past 2 years (if you reside at your current address for less than 2 years)
• Recent mortgage statement (s)
• Homeowners declaration page
• Clear copy of Driver’s License
• Clear copy of SS card
• Addresses and loan information of other real estate owned (if any)
• Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)

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