What Is A Streamline FHA Refinance
The Traditional and Original FHA Streamline which I still offer consist of the following:

• NO Appraisal
• NO FICO Score
• NO Income Verification
• NO Asset Verification

After reading that there is little to nothing in order to qualify; you are probably asking what’s the catch, or this can’t be real.
First off FHA Streamlines have been around for years.  To start your current mortgage must be a FHA insured mortgage.  The intent is to lower the monthly principal and interest payments (P&I).  The Streamline must decrease P&I by the lesser of $50 or 10%.

A streamline is considered a Rate and Term refinance, thus paying off debt or taking cash out is not an option ($500 max cash back).

Credit guidelines are what make the FHA Streamline unique. The credit profile is based on mortgage only.  Although many lenders require a minimum 600 mid score.  The benefit of the mortgage only is the fact that liabilities are not calculated into a debt to income (DTI) ratio. Underwriting is only concerned with the performance of the FHA loan.  A delinquent mortgage is generally not eligible for streamline refinancing until the loan is brought current.

One of the Standout benefits of a Streamline is that Subordinate financing (2nd mortgage) may remain in place, regardless of the total loans against the property, with or without appraisals.  What this means is that for homeowners in declining markets and who are upside down on their mortgage, they can still qualify for today’s historic Mortgage Rates.

Contact Me NOW to get started!

[where: 98109] [where: 85012] [where: 85029]

Related posts:

1. The FHA Is Changing Its Streamline Refinance Guidelines November 2009 Beginning November 17, 2009, the FHA will make it harder...
2. FHA Streamline Refinance Program Updates Consider this a last call for FHA Streamline Refinances. Starting...
3. How Do I Improve My Credit Score? Typically, a person with a low credit score is in...
4. FHA Streamline Refinance Update FHA Streamline Refinance Update...