FLORIDA STREAMLINE FHA MORTGAGE REFINANCE
WITH NO CLOSING COSTS OPTION
With FHA Mortgages and every mortgage there are standard closing costs associated with obtaining a mortgage, these costs include; origination fees, title charges, government recording fees and transfer taxes among other fees.
With our no closing cost mortgage option - qualified borrowers can get a lender credit from the interest rate options available to cover all or most upfront closing costs.
Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. "Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced must be current (not delinquent).
The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan.
Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.
No Appraisal Required
No Income or Asset Documents Required
What is a no closing cost mortgage?
A no closing cost mortgage simply means that the borrower doesn’t pay for the typical closing costs associated with a mortgage out-of-pocket. The borrower(s) do not pay for the closing costs associated with getting a mortgage upfront but instead elect to get a slightly higher mortgage rate and receive lender credit to cover closing costs.
Find out more today about an FHA No Cloisng Cost Streamline Refinance
Equal Housing Lender
Branch NMLS ID # 1843409
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