One of the most overlooked programs on the market today that can remove hassle and frustration of going through a “normal” refinance is the FHA Streamline refinance.
On a “streamline refi,” the documentation and underwriting are dramatically reduced and makes for a hassle free experience to obtaining a new lower rate of interest on your home loan…
Here are a few items that you need to qualify…
You must already have an existing FHA loan
You must have been current on your mortgage for the last 12 months
You must be lowering your overall monthly payment and not attempting unless going from a FHA Arm to FHA Fixed
You are not allowed cashout at close of escrow
One of the best features in my mind is that we do not have to pull a credit report on the homeowner and in some cases we do not have to order an appraisal saving you time and money.
I think that with the concern over home values that many homeowners overlook or simply do not even know that this option exist. It’s a great option and one your should consider if you are looking to refinance and already have a FHA loan.
