You’re interested in refinancing, but it sounds so complicated! Between the appraisals, paperwork and closing fees, it might feel like you’re buying your house all over again.
If you currently have an FHA mortgage and would like to reap the rewards of refinancing, MortgageDepot has good news. The FHA Streamline Program might allow you to refinance your mortgage without the hassle. At MortgageDepot, our experienced loan officers know all of the details about this program and can help you determine if you qualify in minutes.
What is the FHA Streamline Program?
If you currently have an FHA mortgage, you might qualify for the FHA Streamline Program. This program is an easy way for FHA loan clients to take advantage of record-low interest rates and reduce their monthly mortgage payments.
The FHA Streamline Program requires less paperwork than other refinancing programs. Best of all, this program doesn’t require an appraisal, saving borrowers time and money when they refinance.
FHA Streamline: What You Need To Know
If you are thinking about refinancing your current FHA mortgage, there are several things you’ll need to know about the FHA Streamline Program. Here are the highlights:
Borrowers must already have an FHA mortgage to qualify.
Any property that follows HUD occupancy guidelines is eligible.
A non-credit-qualifying refinance doesn’t require an appraisal, proof of income or employment verification.
Less documentation is required, meaning that you won’t get lost in a sea of confusing paperwork!
Borrowers don’t need a minimum credit score if they haven’t had any late mortgage payments in the past six months.
MortgageDepot must validate assets used for closing costs.
We can help you transfer impound or escrow accounts.
The refinance must benefit the borrower with a lower interest rate or reduced term.
Manufactured housing might be eligible. Contact MortgageDepot for details.
At MortgageDepot, we want our clients to make the most of their real estate investments. Are you interested in exploring refinance options for your FHA mortgage? Contact us today to see if the FHA Streamline Program is right for you!