fha streamline refinance offers are worth exploring
TRANSCRIPT
BENEFITS OF AN FHASTREAMLINE REFINANCE
Home isn't subject to an appraisal.There is no income, credit score oremployment verification.All you need to do is swap a new interestrate, reset loan term and apply newmortgage insurance premium (MIP)structure.
Three months of payments on t ime at the
time of the refinance.
Wait at least a six months since your
current mortgage was originated to
refinance.
Don't use equity to cover loan costs you'l l
need to pay those out of pocket.
Streamline refinance must reduce your
mortgage payment by at least 5 percent.
FHA STREAMLINE REFINANCEQUALIFICATIONS
IS A FHA REFINANCEWORTH IT?
You'll need to determine the differencebetween the payments on your existing loanand the new loan, and divide this into theexpected amount of your closing costs(check your existing HUD-1 closingstatement for the best estimate). Many lenders will do a FHA streamlinerefinance, but each lender have their ownrules and overlays, so it’s always best toshop around.
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