The FHA streamline loan is among the easiest loans to qualify for, assuming you have an FHA loan now. The FHA made it simple for current FHA borrowers to refinance their loan with little documentation. They wanted FHA borrowers to have a simple way to reduce their monthly payment and/or interest rate without having to go through the entire approval process again. Looking for Current Mortgage Interest Rates? Click Here. The documents you need for FHA streamline approval are minimal compared … [Read more...]
What Factors Affect Your Eligibility for a FHA Streamline Refinance?
If you have a current FHA loan, you may be eligible for the FHA streamline refinance. This simplified refinance program gives you access to lower interest rates, lower payments, or better terms with very few requirements. Looking for Current Mortgage Interest Rates? Click Here. How do you know if you qualify? Keep reading to learn what the FHA looks for in an applicant. Mortgage Payment History The largest factor regarding your eligibility for the FHA streamline refinance is your … [Read more...]
Does the FHA Streamline Loan Require a Credit Check?
The FHA Streamline Loan is a program for existing FHA borrowers. Technically, the program does not require you to undergo a credit check. However, there are certain circumstances that may require a lender to look at your score. Compare Offers from Several Mortgage Lenders. We go through the various circumstances below. The Non-Credit Qualifying FHA Streamline Loan The most beneficial way to use the FHA Streamline program is for a lender to use your qualifying factors used for your … [Read more...]
Convert Your ARM to a Fixed-Rate Loan with an FHA Streamline
If you have an FHA loan now, but it’s an ARM, you probably worry what will happen when it adjusts. Why wait to find out? You can refinance your loan with the simple FHA Streamline program. The FHA Streamline program requires very little verification yet is a robust program for those with a current FHA loan. Get Matched with a Lender, Click Here. Keep reading to learn the benefits of this loan program and how you can apply. What is the FHA Streamline Loan? First, let’s look at the FHA … [Read more...]
Can you Use the FHA Streamline Refinance Twice?
Lowering your rate on an FHA loan is simple with the FHA Streamline Refinance. With little verification, you can have a lower payment. But, what if you want to do it twice? Maybe rates dropped again after your initial refinance. Can you use the program more than one time? Click to See the Latest Mortgage Rates» Luckily, the answer is ‘yes.’ You can use it multiple times. You just have to follow the FHA rules that pertain to you even if it is your first time refinancing on the … [Read more...]
How to Qualify for the FHA Streamline With no Income Docs
You need income to qualify for a mortgage. What if your income isn’t very consistent? What if you changed jobs? Are you out of luck refinancing your FHA loan? The good news is you can still refinance. The even better news – you may not need to verify the money you make. The FHA Streamline makes this possible. What is the FHA Streamline? The FHA Streamline helps current FHA loan holders to secure a lower rate and/or payment. The program requires very little documentation. It’s a fast program … [Read more...]
Defining Net Tangible Benefit in FHA Streamline Refinances
When you do an FHA streamline refinance, there must be something in it for you. This is called the net tangible benefit which is “a reduced combined rate, a reduced term or a change from an ARM to a fixed rate mortgage that results in a financial benefit to the borrower.” The showing of a net tangible benefit is an important, indispensable element in any FHA streamline refinance. Get in touch with a lender here.» Reduction in Combined Rate For starters, the lender is tasked to determine if … [Read more...]
Is an FHA Streamline Refinance Loan the Right Choice for You?
Buying a house is a big step. For many, that first home is the realization of a dream. It requires much thought primarily because it involves a lot of money. If you need financing to afford a home, that means making a long-term commitment to pay off the sum you borrowed. For most loan types, that’s a good 30 years down the road. Fortunately, some loan programs administered by federal agencies account for positive changes in a borrower’s financial status. In this article, we’ll be putting the … [Read more...]
FHA Streamline Refinance: To Qualify For A FHA Streamline Refinance, You Must See A Net Tangible Benefit
The FHA streamline refinance program is very popular right now - because interest rates are lower than they have been in recent years and more people are in FHA loans than in the past because of the elimination of other loan programs. In order to participate in the FHA streamline refinance program, there are 3 criteria that must be met: The property must be owner-occupied (no investment properties allowed) The borrower can't have more than 2 thirty-day late payments on their mortgage … [Read more...]