FHA Streamline Refinance
With the FHA Streamline, homeowners with existing FHA loans can get a lower rate and monthly payment without any of that pesky paperwork. There is no need to provide documentation for income or credit history. Plus, there is no need for an appraisal and reduced closing costs. This limited documentation program makes refinancing simple, fast and super affordable.
If you have an FHA loan and your rate is above the national average, you should seriously consider the FHA Streamline Refinance. This Government insured program can save FHA borrowers thousands in interest and it’s super simple to qualify. Below you will find the sort 5 item list you will need to qualify for the FHA Streamline Refinance.
Documents Needed For The FHA Streamline Refinance
- Your Most Recent Mortgage Statement
- Your Home Insurance Declarations Page - This shows coverages and yearly premium
- Your Driver's License / ID Card
- The “Note” which was part of your previous FHA mortgage closing package
- Utility bill showing you use the home as your primary residence
The FHA Streamline Refinance offers incredibly competitive interest rates allowing those with marginal credit the opportunity to save big money. The main criteria for qualifying is that you have an existing FHA loan for more than six months, paid the last three mortgage payments on time with only one late payment in the last twelve months, and have at least a 580 credit score.
FHA Streamline Refinance Benefits
- MIP Refund – With the FHA Streamline Refinance, borrowers may be refunded up to 68 percent of the mortgage insurance they prepaid when they closed on their FHA mortgage. This refund will come in the form of an MIP discount on the new FHA loan.
- No Appraisal Needed – Appraisal costs $600 and takes extra time to complete. This program saves borrowers both time and money. Plus, it allows borrowers with no equity to refinance even if the current mortgage is underwater.
- No Verification of Income or Employment – This allows borrowers to qualify for the FHA Streamline Refinance even if they recently lost hours at work, took a pay cut or even lost their job completely.
- Lowest Interest Rates – This Government Insured program provides some of the lowest interest rates available
If you’re looking to refinance your FHA loan, this option is nearly unmatched by any other. Its benefits are unbeatable and it should be first on the list! Contact Michigan Mortgage Solutions at 248-963-1894 or click the Streamline Refinance Button below to get your low rate FHA Streamline Refinance Today!
