Loan and Mortgage Options


Streamline FHA Refinance Mortgage

“Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced should be current (not delinquent).
  • The refinance results in a lowering of the borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.
  • FHA requires No Appraisal
  • FHA requires No Credit Report
  • FHA requires no income verification
  • FHA requires no employment verification
  • Property must have owned property for at least 6 months

 

*Interest rates and APRs are based on current market rates and are for informational purposes only. Rates are subject to change without notice and may be subject to increase based on property type, loan amount, loan-to-value, credit score and other variables. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Adjustable-rate mortgage (ARM) rates and payments assume no increase in the financial index after the initial fixed period of the loan. ARM rates and monthly payments are subject to increase after the initial fixed period. Please contact us for more information.



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