If you have an existing FHA mortgage and are looking to refinance, the FHA Streamline program may be a good fit for you. For those who already have an FHA mortgage, this is one of the quickest, easiest, and potentially most cost-effective ways to refinance their loan. When you call SteveKnowsLoans, we will answer any questions you may have regarding the Streamline program because we are a broker who is committed to providing individualized service to each and every valued client.
The Value of Streamlined Procedures
For owner-occupied residences, the FHA Streamline program can help you save money on your mortgage by lowering your interest rate and monthly payments without the inconvenience of getting an appraisal. When compared to other types of refinancing loans, the paperwork and documentation required by this program are less onerous. There is no need to pay extra money or wait for third-party findings because an assessment is not necessary. In general, the Streamline program may make the process of refinancing your loan less complicated and more convenient for you.
Key Information Regarding the Streamline Initiative
While the Streamline program may be the best option for some borrowers, it is not for everyone. If, for whatever reason, you need to access the equity in your house but this program does not provide that option, you will need to look elsewhere. Rates for this program are extremely competitive, and most applicants are looking to cut their monthly payments by either refinancing to a shorter term or a cheaper interest rate. You may get more information about the typical refinancing terms, such as loan-to-value ratios, minimum credit scores, and more, by contacting SteveKnowsLoans.
Numerous lending programs exist to help you achieve your objective of refinancing your house loan. SteveKnowsLoans provides information about the FHA Streamline program so you can see if it’s a good fit for your situation. One of our employees can help you get pre-qualified for finance as well. Trust SteveKnowsLoans to help you get the best possible mortgage rate and terms, both now and in the future.
You can simplify your FHA financing by:
- Escrow or impound accounts can be moved.
- There is no need for an appraisal or proof of income with this credit-independent streamlining option.
- Credit reports for mortgages or mortgages solely are permitted, but credit scores are not required.
- Any use that complies with HUD requirements for dwelling type No defaults on the current loan can occur within the last six months.
- Current contact information is essential, but employment verification is not required.
- Closing asset verification is essential.
- Up to 125% CLTV, existing subordinate financing may be continued.
- Streamlined transactions with condos do not need FHA clearance.
- The sum of the outstanding principal balance, any return of the initial MIP, and the new MIP cannot exceed the maximum amount of an insurable mortgage.
- For non-credit-qualifying streamlines, the loan limit could be higher than it is now.
- If there have been no missed payments in the preceding six months, a minimum FICO score is not required.
- There is nothing to evaluate.
- There is no need to provide proof of income.
- In order to qualify, you must have an active FHA loan.
- Less paperwork is required than for conventional FHA loans.
- Case number assignments for mortgages have occurred once per 30 days during the past 12 months and not at all over the past 6 months.
- Loan applications are currently being accepted.
- Properties of the manufactured home variety may qualify.
For additional information about this offer, please contact us.
Call Steven Jackson at 813-616-9411 now!
