If you purchased your house with an FHA loan and you meet the below requirements, you may qualify to do what is called an FHA Streamline. The FHA Streamline is a great loan to apply for because it can lower your interest rate, and it is a generally an easy process as you already jumped through most of the hoops when getting your original FHA loan. The FHA Streamline loan does not require a new appraisal, credit check, or income verification.
FHA Streamline Qualifications
1) You must still be living in the property.
2) You must be current on your existing loan and have made all payments on time.
3) You must have money to pay closing costs. (Costs can vary, and there are some options for no cost.)
4)You have to have owned for at least 6 months.
FHA Streamline refinancing is a very simple loan process, that doesn't require much to be approved. If you are not satisfied with the interest rate you currently have, the streamline loan could be a great opportunity for you to save more money monthly. Over the last year I have helped many people save hundreds of dollars on their monthly payment just by doing this low cost, quick refinance! If you have any questions please give me a call or fill out the application below and I will contact you shortly.
*Pete Metz has been in the loan industry for 10 years. His office is located in Redding, California. He helps over a hundred families in California to obtain a mortgage every year. His bank has been ranked #1 for government loans in the Scotsman Guide for 2009, 2010, and 2011.
We have many other refinancing options for those that are looking for options other than the FHA streamline refinance.