FHA Streamline Refinance: No Appraisal and No Income Check

In this guide we will cover FHA streamline refinance loans. FHA Streamline Refinance has no income verification, no credit check, and no appraisal required. Borrowers of FHA streamline refinance loans need to meet the net tangible test which means there needs to be a benefit for the borrower. Some of the perks borrowers of FHA streamline refinance like are the following:

• No money out of pocket.
• The borrower’s monthly housing payment has to get reduced at the very least 5% or greater.
• FHA streamline refinance has lower closing costs than full-doc FHA loans.
• Closing in 30 days or less: Some streamline refinance loans can close in less than two weeks.

lower your FHA mortgage payment fast with the FHA Streamline Refinance. FHA streamline refinance loans is a fast-track streamlined FHA loan process with No appraisal, no income documents which means no debt-to-income ratio. Borrowers who has late payments in the past 12 months are eligible. There is one 30-day mortgage late payment allowed in the past 12 months. Since credit score are not required, borrowers can have a bankruptcy, outstanding collections, unpaid charge off accounts, and other derogatory credit tradelines in the past 12 months. Gustan Cho Associates closes FHA streamline refinance loans in 30 days or less. In the following paragraphs, we will cover refinancing your current FHA loan to a FHA streamline refinance with no-income verification, no appraisal, limited documentation, fast-track mortgage process, no money out of pocket, and closing in the comfort of your home.

What is the FHA Streamline Refinance?

FHA streamline refinance is an easy, fast-track, streamlined refinance loan program with no appraisal required, no income verification, little paperwork, and closing as fast as one week from completing the mortgage loan application. It is a government-backed way to refinance your home when you already have an FHA loan.

Because the program was created for existing FHA borrowers, it eliminates the usual red tape, such as checking income, ordering an appraisal, and examining credit scores.

Who Is Eligible for an FHA Streamline Refinance?

You must hold an FHA mortgage and keep that loan in good standing to step into the streamline option.

In plain terms, here’s what that looks like:

• No payment missed in the past 12 months.
• At least six full home payments have been made.
• The current mortgage is at least 210 days old.
• You also show a clear net tangible benefit.

FHA Refinance Streamline With Bad Credit

The only concern the lender has is with the principal owner-occupied subject property.

• The lender will ignore foreclosures
• Mortgage late payments on other properties owned by the mortgage loan borrower are ignored and not counted
• FHA streamline refinance loans are available for non-owner occupied properties
• FHA streamline refinance loans are available for current FHA insured mortgage loan condominium owners
• All FHA streamline refinance loans with no credit scores, income, or appraisal required are all manually underwritten
• Fast closings, and very little paperwork.
• Remember that no credit scores are required

Recent late payments, collections, charge-offs, are all allowed except the mortgage payments need to be on time.

FHA Streamline Refinance – No Appraisal, No Income, No Hassle

Because FHA streamline refinance does not require a new updated appraisal, it’s perfect if home values have slipped or you want to avoid extra wait and cost. You also dodge the usual stack of docs like:

• Pay stubs
• Tax returns
• W-2s

FHA streamline refinance cannot be compared to the standard FHA loan mortgage. Limited paperwork, no income verification, no appraisal, and borrowers can be late paying creditors, except for your current FHA loan in the past 12 months. FHA streamline refinance is a fast-track, streamlined, and easy process. It is ideal for retirees, freelancers, and anyone with volatile or non-consistent income.

Ready to Refinance? Call 800-900-8569, let’s lower your FHA mortgage payment fast.

FHA Streamline Refinance Credit Score Guidelines

Homeowners with a current FHA Loan can now refinance with bad credit to lower monthly mortgage payments. With the new FHA Streamline mortgage loan program, there are no credit score requirements. No home appraisal is needed. No income docs are required. John Strange is a senior loan officer at Gustan Cho Associates and says the following:

Many lenders overlook a strict credit floor, yet a few still peek at your score. Partnering with no-overlay shops like Gustan Cho Associates keeps doors wide open.

Homeowners can have credit scores in the 400’s and still qualify for an FHA streamline . There is no income verification. The lender will not verify income. All that is required is a full-time job but there is no income verification so the debt to income ratios will be no issues

What Is a Net Tangible Benefit?

To qualify for the new FHA Streamline refinance that does not require credit scores, no income verification, and no appraisal required, the homeowner needs to get a net tangible benefit.

Some of the perks borrowers of FHA streamline refinance like are the following:

• No money out of pocket.
• The borrower’s monthly housing payment has to get reduced at the very least 5% or greater.
• FHA streamline refinance has lower closing costs than full-doc FHA loans.
• Closing in 30 days or less: Some streamline refinance loans can close in less than two weeks.

The net tangible benefit to the borrower means that the FHA streamline refinance needs to be beneficial to the refinance mortgage loan borrower. The minimum savings to the borrower needs to be at least a 5% savings of their housing payment. Any FHA insured mortgage loan holder who is paying a rate of 5.0% or higher can now benefit with our new FHA Streamline refinance loan.

Can You Roll In the Upfront Mortgage Insurance Premium?

Absolutely. The UFMIP (Upfront Mortgage Insurance Premium) can slip into your new loan balance, so you do not have to hand over cash at closing. If you refinance within 36 months of taking out the first loan, you can snag a small fee refund.

Types of FHA Streamline Refinance

Bad credit is fine and recent late payments on other than mortgage payments are acceptable. The only credit criteria needed is to be timely with mortgage payments for the past 12 months. One 30 days late mortgage payment is allowed. For those homeowners who are struggling with their bills due to a job transfer or underemployment and want to lower their monthly mortgage payments, an FHA streamline might be the golden ticket. Homeowners with good credit scores can qualify for our streamline refinance loan program with credit scores. This is where their mortgage rates will be substantially lower for higher score borrowers.

• Non-Credit Qualifying: This is the crowd favorite.
• You don’t need to prove income or dig up credit scores.
• Credit Qualifying: If a borrower leaves the loan or the account has fallen behind, you go this route.

Non-Credit Qualifying FHA streamline refinance loans is available for homeowners with a current FHA Loan. FHA streamline refinance is a fast track refinance loan program that does not require credit scores, no appraisal, and no income verification. Homeowners with good credit scores can qualify for our streamline refinance loan program with credit scores. This is where their mortgage rates will be substantially lower for higher score borrowers.

Not Sure Which Type You Need? Call an expert today at 800-900-8569

How Fast Can You Close a FHA Streamline Refinance?

Most FHA Streamline refinance loans close in only two to three weeks. The reason for the super fast closing is that the FHA streamline program is a fast-track refinance process with exemptions on appraisals, income, and credit. FHA streamline refinance is one of the quickest, if not the fastest, closings out of all residential refinance mortgage programs. Most FHA streamline refinance at Gustan Cho Associates close in two weeks or less.

Costs and Fees of the FHA Streamline Refinance

Basic closing costs are still part of the deal, but many lenders let you choose a no-cost option. This means your interest rate rises slightly to cover the fees instead of paying them upfront.

Pros and Cons of the FHA Streamline Refinance

With every refinance, lenders look for one simple thing: Is your financial picture improving? For FHA loans, the easiest proof is cutting your mortgage rate by half a point, or 0.5 percent. You can also pass the test by changing from an FHA adjustable-rate mortgage to a steady fixed loan.

Like with everything, there are pros and cons of FHA streamline refinance loans.

Pros of FHA Streamline Refinance

• No appraisal
• No income check
• Speedy process
• Partial MIP refund

Cons of FHA Streamline Refinance

• No cash-out
• Must have an FHA loan
• Not offered by every lender

Borrowers with equity in their homes are eligible for an FHA cash-out refinance, which the mortgage process is different. Cash-out refinance is a full-doc refinance loan and requires full-doc, new updated appraisal, income verification, and other paperwork that was required when the borrower first purchased their home with an FHA loan.

FHA Streamline Refinance With Gustan Cho Associates

We are one of the few national mortgage lenders with zero mortgage overlays on government and conventional loans. Gustan Cho Associates runs a nationwide team of licensed mortgage loan officers that handles no-overlay FHA streamline refinance loans. If another lender turned you down, we may still qualify you. Over 80% of our borrowers at Gustan Cho Associates could not qualify and get approved at other mortgage companies.

The team at Gustan Cho Associates specializes in borrowers with lower credit, outstanding collections and charge-off accounts, self-employed, irregular income, mixed income, or past credit bumps.

There are no new appraisal requirements. It does not matter if your home dropped significantly in value. No appraisal costs and no hassles with appraisals. However, you do need to have been timely with mortgage payments for the past 12 months. One 30-day late payment is allowed but no late payments on their current FHA loan in the past 3 months. The mortgage payment history and having a full-time job are the only qualifications needed to qualify for an FHA streamline.

Call 800-900-8569 Today or Apply Online.

Frequently Asked Questions (FAQs)

Q# 1 Can I Do an FHA Streamline Refinance if I’ve Had a Late Payment?

• A# 1 You must have no more than one 30-day late payment in the last year and none in the past three months.

Q# 2: Can I do an FHA Streamline Refinance if I’m self-employed?

• A# 2: Since no income documentation is needed, self-employed borrowers often benefit from this program.

Q# 3: Is a Credit Check Required?

• A# 3: Not always. The non-credit qualifying version does not require a credit score review.

Q# 4: Can I Refinance if My Home Value Has Dropped?

• A# 4: Yes. No appraisal is needed, so you can refinance even if you’re underwater.

A# 5: Can I Change Who is on the FHA Refinance Loan?

• A# 5: Yes, but only if you use the credit-qualifying FHA Streamline Refinance option.

Let’s Lower Your FHA Payment Today

Don’t let high mortgage payments hold you back. FHA streamline refinance can lower your rate without much paperwork, no out-of-pocket costs, and close in 30 days or less. Homeowners with a current FHA loan with rates in the mid to upper 6% interest rate, please contact us at Gustan Cho Associates at 800-900-8569 or text us for faster response. Or email us at alex@gustancho.com to explore options on how much money they can save by participating in our new FHA streamline refinance program.

Gustan Cho Associates Mortgage Group is a national mortgage company, licensed in 48 states including Washington DC, Guam, Puerto Rico, and the U.S. Virgin Islands.

The team at Gustan Cho Associates has an online community, GCA Forums, where viewers can find thousands of topics in housing and mortgage lending and everything in between. Countless sellers, mortgage loan officers, real estate professionals, attorneys, general contractors, and home builders are members of the nation’s fastest growing forum. Register today and become a member of Great Content Authority Forums. Let Gustan Cho Associates guide you to a quick, easy refinance.