FHA Streamline Refinance

If you already have an FHA loan on your home, the FHA Streamline Refinance is an excellent and inexpensive program which can lower your interest rate for minimal cost and with very little hassle. With a streamline refinance, we need only a simple mortgage only credit report showing that you have no mortgage late payments in the last 12 months. Credit score is not a factor.

Here are the basic requirements of an FHA streamline refinance:

  • Existing mortgage must already be FHA insured and must be at least 6 months old.
  • Existing mortgage should be current with no late payments in the past 12 months (or for the life of the loan if less than 12 months)
  • Must lower your current principal and interest payments.
  • No cash may be taken out.
  • No credit score requirement. If you qualified for the loan initially and your mortgage payments have been on time, you qualify for this loan.
  • No income verification
  • No qualifying debt ratios
  • No appraisal required if loan amount is less than or equal to original loan amount.
  • Closing costs may be rolled into the loan if an appraisal is done to show that equity exists.
  • If the property is an investment property, only the no appraisal option is allowed.

Additionally, because of the simplified underwriting and lack of an appraisal in most situations, The Ryan Mortgage Team can often pay the closing costs for you on an FHA Streamline Refinance.

Please fill out our form below to get your refinance started!
http://primacymortgage.com/refinance-form.html

 

FHA Streamline Refinance