Just when it seemed there were already plenty of good reasons to choose an FHA mortgage when you buy your home, here comes another reason. The FHA Streamline Refinance program has actually been around for years, but since about 2001 is hasn't been utilized very often. This program is an easy way for a homeowner who already has an FHA loan to refinance to a lower rate (since rates have dropped) into a new FHA loan.
FHA Refinance with No Closing Costs
That's right! The more popular FHA Streamline Refinance program with no appraisal has $0 closing costs. Escrow, title, recording, and lending fees are all paid using premium pricing through the lender.
Qualifying for an FHA Streamline Refinance is Simple
There is no qualifying! (other than the fact that your loan must currently be an FHA loan.)We do not need paystubs, tax returns, or bank statements. We don't even need to verify your job. The most important factor is to have a good payment history on your mortgage over the most recent 12 months. We will not even need an appraisal, and FICO scoring will not get in the way either.
If you would like more information, or would like to find out how much money you can save, please contact me for a no hassle, honest analysis.
Authored by Tim Storm, CMPS, Sr. Loan Officer with Home Point Financial, a Direct Endorsed FHA Lender located in Orange County, CA. For information on FHA, or to be prequalified please call 949-829-1846.