Your Home Loan must be an FHA insured loan
Mortgage interest rate will reset between June 2005 and December 2009
Homeowners need three percent cash or three percent equity in the home.
Refinance must lower the principal and interest payments of the previous mortgage
Mortgage payments must be current
Mortgage must be at least 6 months old
No Cash Back to Borrower
No Income Verification Required
No Employment Verification
No Pay Stubs or W-2 forms
No Termite Report Required
Borrower must be current on any federal debts
Borrowers with a late payment can still qualify for the is program... ...
The FHA refinance is to result in a lowering of the borrower's monthly principal and interest payments. This Program is a No cost refinance loan, also no out-of-pocket expenses to the borrower. All FHA-Secure home loans will not have any mortgage pre-payment penalties as is traditional with FHA loans.