With the FHA streamline refinance, there is no income verification. You are able to participate in the FHA streamline refinance program as long as you meet 3 criteria. First, you must live in the property – the FHA streamline refinance program doesn’t allow investment properties or second homes. Second, you can’t have more than 2 thirty day late payments on your mortgage in the last 12 months. FHA wants to make sure that you have a good payment history. Third, FHA won’t let you participate in the FHA streamline refinance program unless it financially benefits you and you can pass a net tangible benefit calculation worksheet calculation.
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The FHA streamline refinance program is designed to allow people who are currently in an FHA loan to take advantage of lower interest rates when they are available assuming that they can qualify. There is no income verification with the FHA streamline refinance program, no asset verification and sometimes no appraisal required.
If you are currently in an FHA loan and think that you might qualify for the FHA streamline program and would like to know more, be sure to contact a loan officer who is an expert how the FHA streamline refinance program works. An FHA streamline refinance expert can help you determine if you will qualify for the program, help you calculate what your new payment will be if you go through with the program and explain in “plain english” how the program works.
Where do you find a loan officer who is an expert in the FHA streamline refinance program? Simply call 888.448.2669 to speak with an FHA streamline expert today!