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FHA Streamline Refinance Is a Win-Win

December 1, 2010

If you could cut your monthly mortgage payment without a mound of paperwork or the worry of a new appraisal, would you be interested? Your FHA loan may qualify to refinance under these attractive terms by utilizing the FHA Streamline option!

Before you pick up the phone or type that email to your mortgage broker, here’s some basic facts about FHA’s Streamline refinance requirements:

1.      Seasoning – Qualifiers must have had their FHA loan for at least 6 months and made six consecutive payments to apply for a Streamline.

2.      Good standing – Payment history can kill an FHA refinance, so be sure you have no missed/late payments in the last 12 months.

3.      Appraisals – A new appraisal is only necessary if the closing costs are rolled into the refinance.  If not, the original appraised value from the prior fully underwritten loan can be used, even if was established before market values dropped.

4.      Tangible benefit – The borrower must benefit in a specific way to obtain an FHA Streamline. It can be a reduced monthly payment of at least 5%, or a switch to a fixed rate loan from an ARM.

5.      No income verification – but proof of employment is required.

Even though an FHA Streamline is a much simpler process than a traditional refinance, it still requires a lender that knows the details and unique aspects of the loan. We are an FHA-approved lender, which means we are experts in dealing with FHA and will take care of your customer so everything goes smoothly and efficiently.  This refinance option will allow you to save money, which everyone can appreciate these days.  For more information on FHA Streamline, please contact us today.



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