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FHA Streamline Loan - Owe More Than Your House is Worth?

By
Mortgage and Lending with American Mortgage Services

 

FHA Streamline Loans are an excellent way to refinance your current mortgage.  These types of loans offer benefits that other refinance loans cannot. 

FHA Streamline Loans

Benefits to doing an FHA Streamline Loan:

1.  NO APPRAISAL REQUIRED - This is huge!!  Every other type of refinance requires an appraisal.  So even if you owe more than your house is worth you can still refinance!!!

2.  In many cases no income verification required - you do need to be working and have an income, but with a lot of lenders they will not require paystubs or tax returns to verify the income.

3.  The loan can be structured to have the lender pay for most of your closing costs.

4.  The process from start to finish is much quicker because NO APPRAISAL is required.

The first step you need to take to figure out if you qualify for an FHA Streamline loan is to find out if your current mortgage is an FHA loan. 

To find out if your current mortgage is an FHA loan you can do a number of things:

1.  Look at your mortgage statement and in the escrow portion of your payment you will see FHA MIP as a monthly charge that you pay towards your escrow every month.  if that is on there then you have an FHA mortgage.

2.  Look at your note that you signed at closing.  Hopefully you kept your mortgage documents from your closing!  In the top right hand corner of the note you will see a case number that looks something like this: 093-6342135-703.  If this is on your note then you have an FHA mortgage.

3.  Call your current mortgage company.  They will(should) be able to tell you if you have an FHA mortgage.

Once you have figured out that you have an FHA mortgage then you need to look at what your current interest rate is.  Depending on your current mortgage balance you want to lower your current interest rate by 1.5% or more. 

So lets say your current interest rate is 6.5%.  The interest rate on an FHA Streamline loan today is 4.75%.  Your rate reduction with the refinance will be 1.75% so it would make sense to look into doing an FHA Streamline loan. 

Call me today to see if you qualify for an FHA Streamline Loan.  Rob Sullivan 813-300-1477.  Or e-mail me at rob@amstampa.com.

FHA Streamline Loans can save you hundreds of dollars on your monthly payments.

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