Tag Archives: FHA
What is an FHA Streamline Refinance?
An FHA Streamline Refinance is a special program for those who currently obtain an existing FHA mortgage. This is the easiest option for you to refinance your mortgage with today’s mortgage rates. The FHA Streamline Refinance program has new rules that do not require you to have a home appraisal for you to refinance. Instead, the FHA is allowing your original purchase amount to be used as your home’s current date value. This is regardless of the amount of what the home is actually worth at today’s prices.
The best characteristic of the FHA Streamline Refinance program is that it does not matter if your home loan is defaulted or not. You could be upside down or even owe twice the value of your home. No matter the debt, the FHA will refinance the home without adding any extra costs or penalties. Your home does not have to have a lot of equity built as well. With this no appraisal feature, you will have the same rights to the FHA Streamline Refinance as you would any other typical loan. This means you could chose either a 15 year or 30 year loan term. Another big plus is that you do not have to worry about penalties or added fees pertaining to this type of loan.
There are always guidelines that are required when you are obtaining a loan. However with the FHA Streamline Refinance loan, there are a few requirements that do not need to be followed. So as of this current day, these 3 requirements are no longer a requirement.
1. Credit Scores verified are no longer required
2. Employment verification is no longer required
3. Income verification is no longer required
We know it sounds very crazy, but it is completely true. You could have bad credit, no job and no money and still be able to refinance your home. If that’s not crazy, I don’t know what is! Although there are numerous factors and percentages that will make up your new loan amount, this is definitely an option that you may want to consider.
When you are thinking about refinancing, go with the FHA Streamline Refinance program. Not only will you save time and money but you will also get lower rates locked in with today’s current rates. That is amazing! So why not take the option and find out more information. What do you have to loose? Refinance today for a better and brighter tomorrow.