With today's declining home values some homeowners in Southeast Wisconsin have found it difficult to successfully refinance their home. In the early 1980's FHA has permitted what is called a streamline refinance. By utilizing an FHA streamline refinance a homeowner can refinance their home without having to provide all of the income and asset verification. The homeowner also has the option of doing the streamline with or with out an appraisal depending on the circumstances. Their are some basic requirements with a FHA Streamline Refinance and they include:
- The mortgage you want to refinance must already be an FHA Mortgage.
- You cannot take cash out.
- The mortgage must be current
- The Streamline Refinance should result in the homeowners payment being reduced.
The bottom line is; if you live in Kenosha, Pleasant Prairie, Somers or anywhere else in Southeast Wisconsin, give me a call and lets see if a FHA Streamline Refinance is right for you.