If you or someone you know has an FHA loan and has not refinanced to lower your payments yet, then this is for you.
Checklines of Documents when refinancing an FHA Streamline loan
Did you know that thousands of home owners who have FHA home loans have utilized the FHA streamline refinance to lower their interest rate. Did you know that they also do this without paying huge mortgage origination fees and the process is relatively simple.
Usually, the FHA streamline refinance does not require an appraisal, which can saves time and also save you money!
The following are basic requirements of an FHA streamlined refinance:
Ogden, Utah, Salt Lake City, Utah, Logan, Utah, Cedar City, Utah, St George, Utah, Provo, Utah, Orem, Utah, Layton, Utah, Roy, Utah,
- The mortgage to be refinanced must already be FHA insured
- The mortgage to be refinanced should be current (not delinquent)
- The refinance must lower the principal and interest payment of the previous mortgage payment
- The borrower may not receive cash from loan proceeds in excess of $500
- Any subordinate financing may remain in place as long as it is subordinated on title
- The term of the new mortgage must be the lesser of 30 years or the unexpired term of the mortgage plus 12 years. A borrower cannot refinance from a 15 year loan to a 30 year loan.
- An appraisal is not required unless the closing costs are wrapped into the loan. Streamline refinances without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium (MIP), plus the new upfront MIP if it is to be financed in the mortgage
- No termite report is required
- The borrower cannot be late, delinquent, or in default of any federal debt
- Why an FHA streamline loan is for you
- Lower your interest rate FAST!
- Very little money out of your pocket
- Requires little to no financial documentation on your part
