Benefits of an FHA Loan
The current low interest rate environment makes it a perfect time to take advantage of our FHA Streamline. Here are a just a few reasons to see if you qualify for this special loan option:
- Are you currently in an FHA mortgage loan? This gives you the unique option to streamline your refinance when rates dip.
- 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?
- Get a mortgage with no appraisal required, lower credit requirements, and limited documentation to qualify
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.
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.
Do It Yourself Mortgage Analysis
Review the Different Types of Loans
- 30-year Fixed Rate Loan
- FHA Loan
- VA Loan
- 15-year Fixed Rate Loan
- Jumbo Loan
- Adjustable Rate Loan
Questions We Get Asked About FHA Streamlines
- How do I qualify for an 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.
- Are there closing costs with an FHA Streamline Refinance? 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.
- What are the advantages of an FHA Streamline? No appraisal required, lower credit requirements, and limited documentation to qualify.