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This is the most popular loan program because of the low down payment requirement and low rates. As you know,
15 year fixed rate loans are especially attractive today and enable you to pay off your mortgage in half the
If you plan on living in your home for less than 5 years, you can’t beat today’s rates on 5
American Home Free Mortgage has an exciting new program for existing FHA borrowers who would like to refinance their existing
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FHA Streamline Refinance
American Home Free Mortgage has an exciting new program for existing FHA borrowers who would like to refinance their existing FHA mortgages without any out-of-pocket costs! This program has virtually no downsides to qualified FHA borrowers and can only reduce the monthly mortgage costs for any borrower. Some of the benefits of this program include the following:
- Existing base loan balance will not increase, except for mortgage insurance.
- Monthly PITI can decrease by as little as $50 per month hundreds of dollars per month.
- The minimum savings per year for this FHA Streamline Refinance program is $600.
- If you had the FHA home 3 years or less, FHA gives you a credit for the MIP premium paid.
- Borrower does not need to have another appraisal ordered.
- Borrower may not need to have his/her income re-qualified.
- Borrower will be able to skip a monthly loan payment with the refinance.
To qualify for the FHA Streamline Refinance, borrowers must meet the following criteria:
- Must have an existing FHA loan in good standing.
- If the borrower has a 660 FICO or higher, there is no income verification.
- If the borrower has a FICO below 660, then income verification is still required.
- There is no appraisal required and no need to prove equity in the home.
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