Colorado FHA Streamline Refinance
Due to the rising popularity of the FHA mortgage programs in Colorado over the last few years, many people in Colorado are now in the position where they can lower their interest rate on their Colorado FHA mortgage loan with the FHA streamline refinance program.
The FHA streamline refinance program was designed to help people living in Colorado take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan. There is no income verification, no asset verification, no employment verification and no minimum credit score with the Colorado FHA streamline refinance.
Colorado FHA Streamline Refinance: No Income Documentation Required
When you participate in the FHA streamline program, you are not required to document your income. FHA has designed the program to allow people who have been good borrowers to take advantage of interest rates when they drop regardless if you have changed jobs or simply don’t make as much money as you used to. Whether you have been on the job 1 year or 20 years, it won’t matter — and it won’t matter if your income has recently dropped since you got your FHA loan.
Colorado FHA Streamline: No Asset Documentation Required
When you first got your FHA loan, you were required to document all of your liquid and non liquid assets. Things like checking accounts, savings accounts and 401k accounts — and even more if you have them. When you do an FHA streamline refinance, you are not required to document your income – no matter how much money you have in the bank, it is still possible to do an FHA streamline refinance.
Colorado FHA Streamline: The Primary Eligibility Criteria
The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months.
Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the FHA streamline program and will probably need an appraisal unless you can qualify for the FHA streamline program without appraisal.
Colorado FHA Streamline Program: Is An Appraisal Required?
It may or may not be required that you get an appraisal when you do an FHA streamline refinance – here is how you won’t need an appraisal: if your new total loan amount exceeds your original loan amount by 1.5% or less — you will not be required to get an appraisal. So, if you originally had a $100,000 loan, your new loan amount cannot exceed $101,500 or you will need a new appraisal on your property when you go through the FHA streamline program.
Colorado FHA Streamline: No Out Of Pocket Closing Costs
When you go through the FHA streamline program, there are costs involved – but you are not required to pay those costs out of pocket, they can be rolled into your loan. This is also known as the Colorado FHA streamline program with no out of pocket closing costs or the FHA streamline program with no closing costs.
Find out more about the Colorado FHA streamline program by speaking with one of our Colorado FHA streamline experts today!