Who doesn't enjoy saving money? With a Federal Housing Authority (FHA) Streamline refinance, we can help you make homeownership even more affordable.
FHA Streamline refinances give qualified homeowners with FHA mortgages the opportunity to lower their monthly payments. The defining characteristic of an FHA Streamline refinance is that it doesn't require a new appraisal to establish a home's current value. Instead, the homeowner can use their home's original purchase price as its value, even if the home's actual value has decreased since the date of purchase.
Homeowners with an existing FHA-insured home mortgage are eligible for an FHA Streamline refinance. To be eligible, you must be current with your payments on the existing FHA mortgage and have owned the property for at least six months.
An FHA Streamline refinance's biggest benefit is it allows the homeowner to use the original purchase price of their home as its current value regardless of what its re-appraised value would be. What this means for you is the FHA may allow you to refinance even if you owe more than your home's current worth.
With an FHA Streamline refinance, you'll still enjoy all the features of your FHA mortgage - with added benefits such as:
You can permanently lower your monthly payments (score!)
Options with no closing costs are available
Home re-appraisal not required to refinance, in some cases
You can benefit from a decreased annual mortgage insurance premium and up-front mortgage insurance premium if your original FHA loan was endorsed on or before May 31, 2009 (saving money is always a plus, right?)
If you have a FHA mortgage, Contact a mortgage loan professional in your area to learn more about how an FHA Streamline refinance could benefit you.