by VentureStreet  Join Our Network
FHA Streamline Refinance

The FHA Streamline Refinance guidelines are straight-forward and plain. The FHA wants lender to confirm just little bit, gloss past a lot, and make certain that the refinance has a bona fide benefit in the form of lower monthly payment.

Lenders following the FHA's official published loan guidelines look for three things, and three things only. You must be able to answer "Yes" to the following:

1. Have you made six mortgage payments on your current FHA mortgage?

2. Do you have a 3-month perfect payment history on your current FHA loan, and no more than 1 mortgage late in the last 12 months?

3. Are you lowering your monthly payment by 5% or more?

Beyond that, nothing. No appraisals are required, no credit scores are checked, and it's okay to be unemployed. The FHA ignores these things because they don't matter.

So long as you've been paying as agreed for the last 12 months and so long as your mortgage payment is shrinking, the FHA is happy to help you refinance.

Need a mortgage? We can match you to a mortgage company in your local area.
Find Local Mortgage Companies
Other articles you may like:
How Do I Avoid Mistakes When Financing My Home?
Buying and financing a home is the most important personal financial decision we will...

Buying a Home Tips
The process of buying a home can be quite overwhelming. Knowing more about the process...

Mortgage Brokers vs Big Bank
Why it's beneficial to consider a Mortgage Broker for all your Home Purchase, Refinance...

Mortgage Fraud
If you don't speak the Mortgage Industry Language, chances are 1 in 3 you've been...

OOPS! I Just Ate My Mortgage Payment
Is there is any correlation between the percent of people who are late on their mortgage...

Be the first to find this article helpful.
Need a mortgage? We can match you to a mortgage company in your local area.
About the Author

Scott McNamee, Garden State Home Loans
Brigantine, NJ 08203

Contact Author: request info

If you would like to re-print this article, please contact the author.
Other articles you may like:
Using credit before closing
Do not make this mistake! There are risks associated with using too much credit before...

Quick Overview of the Home Loan Process
The home loan process isn't as complicated as it seems. Don't let confusion over the...

Quick Presentation on the Documentation Required for a Home Loan Closing
Meet James Leabeater's team, get an overview of the process for a 30-day closing, some...

Corporate Loan from PrimeFund
Startup Business Loans can help assist your financing requirements

What type of loan does my business need
Explains various types of commercial loans for businesses

Editorial Disclaimer: The views expressed in articles published on this website are those of the authors alone. They do not represent the views or opinions of this website or its staff. The articles on this site do not constitute a recommendation or endorsement with respect to any views, company, or product. Authors affirm that article submissions are their original content or that they have permission to reproduce.

Home   |   Articles & Videos   |   Affiliates   |   Networking Groups   |   Search by Category

Terms of Use   |   Privacy   |   About Us   |   Contact Us   |   Member Login

©2003-2020 - VentureStreet, LLC

Join Our Business Network