FHA Streamline Refinance – Get a Lower Mortgage Rate – No Appraisal & No Closing Cost!

 

• Are you currently in an FHA Loan?

• Do you want a lower rate and payment on your FHA loan; even if you owe more than your home is worth.

• Would you like a mortgage with no appraisal required, lower credit requirements, and limited documentation to help you qualify?

If you answered “Yes” to these questions, an FHA Streamline might be right for you! Qualify for an FHA Streamline Refinance even with less-than-perfect credit is easy.

FHA Streamline offers a great opportunity to anyone currently in an FHA loan. All FHA loans qualify for the program, including 30- and 15-year fixed rate FHA loans and all ARM FHA loans. FHA Streamline allows you to take advantage of lower mortgage rates by refinancing your current FHA loan into a lower fixed rate on a new FHA loan.

What is an FHA Streamline Refinance?

• The FHA Streamline is a special refinance program from the FHA (Federal Housing Administration) which could get you a lower rate on your FHA mortgage without an elaborate qualification process. FHA Streamline is also known as FHA IRRRL (Interest Rate Reduction Refinance Loan).
• To put it simply – This programs “streamlines” the typical refinance process
  There is no income qualification – they just want to be sure you are still employed.
  You cannot pull-out cash, but in most cases you can “skip a month of payment.”
  With our “THOC Certified Preferred Lenders” you can usually close your refinance in as little as 21 days.

What the FHA is Saying about FHA Streamline

Here is some information from HUD’s website about FHA Streamline:

“The ‘streamline’ refers only to the amount of documentation and underwriting that needs to be performed by the lender, 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 is to result in a lowering of the borrower’s monthly principal and interest payments.
• No cash may be taken out on mortgages refinanced using the streamline refinance process.”

 

How the FHA Streamline Refinance Loan Works

• FHA Streamline is a refinance program for homeowners currently in an FHA loan.
• FHA Streamline is offered as a 5-year ARM (adjustable rate mortgage) or either a 15-year or 30-year fixed rate loan.
• No appraisal required.
• Minimal credit requirements.

Get an FHA Streamline and Get a Lower Mortgage Rate Today

Let’s clarify the benefits of FHA Streamline. Consider a 30-year fixed rate mortgage of $250,000. The monthly payment on this mortgage at 7% is approximately $1,663. If you could lower that interest rate to 5%, your payment would be approximately $1,342. That’s a monthly difference of $321. Over a year that would be $3,852. Over 10 years the difference is $38,520. And over the full life of your 30-year mortgage, that’s a difference of $115,560. Those numbers are catching the attention of homeowners across the country!

FHA Streamline Could Put Money Back in Your Pocket

It’s easy to see why the popularity of FHA Streamline is growing fast. And it’s a program every homeowner with an FHA loan should look into. If you have an FHA loan, Streamline could lower your rate and payment today while still giving you the security of the FHA program. Get in touch with us at (404) 462-4663 and we’ll find out if you qualify for a quick and easy refinance to a lower rate and payment – with no appraisal required. It’s the fastest, easiest way to lower your payment on your FHA loan today.

 

Is an FHA Streamline Refinance right for you?

If you’re in an FHA loan now and:

• Your current mortgage rate is higher than today’s mortgage rates.
• You owe more on your mortgage than your home is worth.

Call us now at (404) 462-4663 to see if you qualify for the great benefits of the FHA Streamline refinance. Our Professional Mortgage Counselors will refer you to a “THOC Certified Mortgage Professionals” in your area.  It cost you nothing to apply!