The FHA Streamline Refinance program is for homeowners with existing FHA mortgages. This program allows homeowners to refinance their property without an appraisal. Regardless of what the home is actually worth, the homeowner is able to use the original appraised value as the home’s current value.
Some other great qualities of this loan program are:
- Only Employment verification is required – RMG just has to verify that the borrower is still employed with the employer listed on the borrowers application
- Income Verification is not a requirement, so there is NO paystubs, NO W-2’s and NO Tax Returns needed
- Credit Score verification is not a requirement. Only 12 months of on time payments are needed
- This program is also available for FHA investment properties. If your investment home is an FHA loan, it is eligible
In order to qualify for a FHA Streamline Refinance the homeowner’s existing mortgage just needs to be an existing FHA loan. There are limitations as to when you can apply for a FHA Streamline Refinance:
- The FHA requires that the homeowners make 6 mortgage payments on their home loan and requires 210 days have passed from the closing date before being able to apply for a FHA Streamline Refinance.
- The homeowner has to have a perfect 3 month payment history.
- The refinance must have a Net Tangible Benefit to the homeowner, meaning the new loan can only be processed if the loan will lower the interest rate and/or mortgage insurance by 1/2 percent or more…
Our experienced loan officers know FHA Streamline loans and are standing by to help ensure that an FHA Streamline loan will be a benefit for you. This loan is designed to help save you interest and payment. Let us help you see how much you can save.
For more information please call Raleigh’s Local Loan Experts at 919-866-0212 to answer any questions you may have!