- The FHA Streamline Refinance program makes it easy and attractive for all FHA loan borrowers to lower their interest rates and monthly payments without increasing their loan balance.
- FHA Streamline Refinances will save you a minimum of $600 per year.
- FHA Streamline Refinances do not require another appraisal and you do not have to show equity in your home.
- Depending on your credit score, you may not need to have your income re-verified.
- FHA Streamline Refinances enable borrowers to skip a monthly loan payment.
- To qualify for a FHA Streamline Refinance, you must be in good standing on your current FHA loan.
- If your FICO is 660 or greater, you will not be required to have your income re-verified. If your FICO is under 660, then you will have to have your income re-verified.
- No new appraisals are required and you are not required to have positive equity in your home.
- You will receive a credit for MIP premium paid if you have lived in your home for 3 years or less.
- If you are currently in a FHA loan with a higher interest rate, it makes sense to see whether you qualify for a FHA Streamline Refinance.
- Even if you would not qualify for a traditional refinance, you may qualify for a FHA Streamline Refinance.
- This program was designed to make it easy and efficient for FHA borrowers to take advantage of lower interest rates to lower their monthly payment.
- Call our Mortgage Bankers today to see how we can help you save thousands of dollars!
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