Is there really a program for people who currently have FHA loans that is a FHA refinance program called the Wells Fargo FHA streamline refinance program?
Yes and no.
Yes, there is a program called the FHA streamline refinance program and yes, Wells Fargo helps people with the program because they are an approved FHA lender. For people who currently have an FHA loan, many times when interest rates go down, the FHA streamline program is very attractive because it can help lower a mortgage payment.
But Wells Fargo is not the only lender who can help you with an FHA streamline refinance. In fact, FHA has set up a network of approved FHA lenders who can help you with an FHA streamline – regardless of whether you make your mortgage payment to Wells Fargo or not right now.
Wells Fargo FHA Streamline Refinance Program
The FHA streamline refinance program at Wells Fargo has pretty much the exact same qualifying criteria at no matter what lender you choose to go with. The FHA streamline guidelines will vary slightly by lender – they will mostly be the same guidelines when it comes to late payments, debt ratios, or credit scores — but sometimes one lender will allow things that another lender wont.
Regardless of whether or not you have late payments or good or bad credit – when it comes to the FHA streamline refinance program, one thing is certain:
Shop multiple lenders.
By speaking with multiple lenders (including Wells Fargo) you will be able to ensure that you have the best possible deal on the FHA streamline refinance program and that you can get the best interest rate at the lowest possible cost.
Start now by speaking with multiple lenders regarding your FHA loan and what the FHA streamline refinance program can do for your monthly mortgage payment.