Simplify Your Refinance FHA Streamline Refinance Explained
If you are currently in an FHA loan, the FHA Streamline option is a great way to take advantage of super low interest rates to lower your monthly mortgage payment. My Perfect Mortgage is proud to offer the FHA Streamline refinance. This unique refinance program is designed by the Federal Housing Administration to help homeowners lock in the very best rates.Check My Loan Options
Why FHA Streamline?
Current FHA loan borrowers can take advantage of low rates in the market and refinancing. Because you’re already an FHA borrower, the process is swifter and easier. The FHA Streamline refinance allows you to get a mortgage with no appraisal required, lower credit requirements, and limited documentation to qualify.
- Is your current mortgage rate higher than the current prevailing interest rates?
- Do you owe more on your mortgage than your home is worth?
- Do you want to save money on your monthly mortgage payment by locking in a new lower rate–even if you owe more than your home is worth?
If this sounds like your situation the FHA Streamline is likely to be your best mortgage option. Let us see if you’re qualified for this unique refinance option, even if your credit is less than perfect.Check My Loan Options
How an FHA Streamline Works
My Perfect Mortgage is proud to offer the FHA Streamline refinance. This unique refinance program is designed by the Federal Housing Administration to help homeowners lock in the very best rates in a historically low interest rate environment.
Some of the special features of this program include:
- Because you already have an FHA loan and have been qualified before by FHA, they allow us to streamline the refinancing of that existing mortgage
- The FHA Streamline still offers you the flexibility of various rates and terms, to include a 5-year adjustable rate mortgage (ARM), as well as 15-, 20-, 25-, and 30-year fixed-rate loan.
- There is no new appraisal required
- There are minimal credit requirements
Fill the form out to see if you qualify for the benefits of the FHA Streamline Refinance.Check My Loan Options
Questions We Get Asked About FHA Streamline
Be current on your existing FHA loan with all of the mortgage payments made on time for the last year and have owned your property for at least six months.
FHA Streamlines no longer have an “allowance” for closing costs. These costs can range from $1,500 to $4,000 depending on the lender and loan amount being refinanced.
No appraisal required, lower credit requirements, and limited documentation to qualify.