This is a great loan opportunity for those who are currently in an FHA loan, this refinancing option is considered streamlined because it will allow you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.
To answer some of the questions I have had in regards to FHA Streamline programs and some highlights:
-In order to qualify for this loan, you need to be in a current FHA loan, there are some similar type of programs for both Fannie and Freddie loans, please email for details on those. Don't know if you are in an FHA loan? Contact me and I will help you with that!
-FHA streamline refinance doesn't require proof of income
-No repairs are generally required unless the house has lead based paint issues
-Property must be off the market at least one day prior to applicaiton
-There are subordinations avalable for existing 2nd liens
-Borrowers must have made at least 6 months of paymetns on the current loan prior to refinaning
-There needs to be some benefit to the borrower for this loan to happen, which is generally done through the reduction of the interest rate, there is a minimum of 5% reduction in the PITI (principle, interest, taxes and insurance) payment
-No FHA morgage lates in the last 12 months allowed
Due to the appraisal waivers, this is a great program for someone who would like to refinance their home regardless of the current value, as many people are upside down right now, this will allow for them to take advantage of current interest rates and save money monthly
For more info, please email me or visit me directly on website: CLICK HERE