Do you have a Florida home with an FHA mortgage and would like to refinance it to get a lower rate but are afraid that you do not have enough equity or income to qualify….the FHA streamline may be the loan for you. You do not always need equity in your Florida home to refinance an existing FHA loan. The FHA streamline does not require income documentation (only that you are employed) and does not always require an appraisal. Below are the qualifications you must meet in order to qualify for the streamline refinance:
- Minimum credit score requirements.
- No mortgage late payments within the last 12 months. (a payment is considered late once it has gone 30 days past the due date)
- You must have made at least 6 payments on the existing mortgage before you can refinance.
Keep in mind that the reason FHA offers the streamline program is to put you in a better financial position. Therefore, the refinance must do one of the following:
• Reduce your mortgage payment by at least 5%. For example: If the total mortgage payment on the existing FHA mortgage is $975; the total payment for the new FHA mortgage must be $926 or less.
• Refinance you from an adjustable mortgage to a fixed mortgage.
• Reduce the term of the mortgage.
The FHA streamline refinance is for the borrower that:
- Wants take advantage of the current low rates and reduce their payment.
- Wants to refinance from an adjustable loan before the payment goes up.
- Owes more than their home is worth.
- Needs a fast approval (no income or asset verification).
There is no cost or obligation to call and find out if you may be eligible for this program. Call me to discuss your Florida mortgage and to see what refinance options are available for you. For immediate assistance call me at 561.291.2831 or email me
