FHA Refinance
FHA Streamline Refinance
The FHA streamline does not require you to have equity in your Florida home in order to qualify. This loan is for the borrower who only wants to refinance to lower their rate and/or payment, reduce their term or to change from an adjustable rate mortgage to a fixed rate mortgage. The streamline refinance is a no cash-out loan program. The FHA streamline does not require income documentation (only that you are employed) and does not require an appraisal. However, depending on you circumstances, it may be necessary for you to get 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 mortgage and to see what refinance options are available for you. For immediate assistance call me directly at 561-291-2831 or use the contact form below.
