FHA Streamline Refinance
Refinancing Your FHA Mortgage? Learn About
FHA Streamline Refinance Here
The FHA Streamline Refinance package was designed for folks who already have an FHA mortgage loan, and it is the easiest and simplest way to refinance the FHA mortgage. This type of refinance allows the homeowner to refinance without needing to confirm assets and income. In addition, an appraisal may not be necessary as well, based on how much the borrower has paid down on the first loan balance. Perhaps the best feature of the package is the provision for an open-ended loan-to-value ratio. So if you’re seriously underwater you might still be able to make use of historically low interest rates by refinancing with this FHA refinance package.
How to Qualify
• The borrower must live in the home you plan to refinance
• The borrower cannot have more than two late payments of 30 days on the loan in the previous 12 months.
• The borrower has not done an FHA Streamline Refinance in the last six months
FHA Streamline Package and an Appraisal – The big benefit in doing this package with getting the home appraised is that you can put closing expenses into the new loan. You only need the house to be appraised if the new loan is more than 1.5% higher than your first loan.
FHA Streamline Package and no Appraisal – Doing this refinance without getting the home appraised means you cannot put closing expenses into the loan, meaning you must pay closing costs from your own funds.
Shopping for Quotes – By all means look around for the best rates and lowest expenses for the FHA Streamline Refinance. Please talk to Mortgage Options while you’re at it.
The FHA Streamline Refinance Program is an easy way to process an FHA mortgage loan refinance. Qualifying has never been easier.
To find out more about the FHA Streamline Refinance Program, call Mortgage Options today: (803) 732-5787 or Toll Free at (866) 456-5511.