FHA Streamline Refinance
What is A FHA Streamline Refinance?
An FHA Streamline Refinance is for persons who wish to lower their interest rate & monthly payment or change from a riskier mortgage (ie. an Adjustable Rate Mortgage) to a lower risk Fixed Rate Mortgage. FHA Streamline Refinances typically require reduced documentation and have easier credit approval guidelines, such as:
No Income Documentation
No Asset Documentation (Unless you plan on bringing cash-to-close)
Are There any Closing Costs with an FHA Streamline Refinance?
Foundation Mortgage typically structures FHA Streamline Refis so that you have no closing costs & with you only bringing your typical monthly mortgage payment to closing. By paying your closing costs for you, it helps ensure that you receive a true benefit from the refinance.
How Long Does it Take to Close an FHA Streamline Refinance?
The process typically takes under a month.
What are the Considerations of an FHA Streamline Refinance?
If FHA Mortgage Rates are low, and you don’t plan on selling or paying off your home in the near future, this is a fantastic program aimed at reducing your monthly payment and housing debt! Speak with one of our professional, licensed Mortgage Bankers for a complete evaluation of your scenario now.
What Do I Need To Do To Qualify For A FHA Streamline Refinance?
There is a minimum credit score & mortgage payment history requirement. Typically at least 550 or higher.
You need to have made at least 6 payments on your current FHA loan to qualify for an FHA Streamline Refinance.
Net Tangible Benefit
FHA has strict requirements to protect their borrowers and ensure that there is an actual benefit to you in terms of lower monthly payment or movement from an adjustable to fixed rate mortgage loan. Foundation Mortgage will review your scenario with you and ensure that your refinance does meet FHA’s Net Tangible Benefit requirement before initiating the process!