FHA Streamline Refinance: No Overlays
FHA mortgage rates in early 2013 were at the 3.25% mark and hovered around that rate for the first half of the 2013. Starting in May of 2013, mortgage rates spiked up more than 1.0% and many home buyers ended up with settling with mortgage rates in the high 4.0% and some as high in the upper 5.0%. Depending on what mortgage rate you have, right now is the time to think about going through a FHA Streamline Refinance mortgage loan. I can offer homeowners in Illinois, Florida, Wisconsin, California, and Indiana FHA streamline refinance mortgage loans with no mortgage lender overlays. The FHA streamline refinance needs to make financial sense and have a net tangible economic benefit of at least 5% of the monthly mortgage amount in order to be worth while to the homeowner.
No Credit Scores Required On FHA Streamline Refinance
There are many mortgage lenders that have their own mortgage lender overlays where they require a minimum credit score from FHA streamline refinance mortgage loan borrowers but I have a program that do not require minimum credit score requirements. It does not matter whether your credit scores are at 800 FICO plus or at 400 FICO. You can have late payments, collections, charge offs, or other derogatory credit except the only requirement is that you have been timely on your mortgage payment history for at least six months and not more than one time 30 days late in the past 12 months.
No Income Verification Required On FHA Streamline Refinance
With FHA streamline refinance mortgage loans, there are no income verification required. You do need to be employed but we do not require any W-2s, verification of overtime income, verification of bonus income, or any other income verification. As long as you are employed, that is all that is required. It does not matter whether your debt to income ratio is at 20% DTI or at 150% DTI. As long as you are employed, that is all that is required.
No appraisal Required On FHA Streamline Refinance
With FHA streamline refinance mortgage loans, there are no appraisal requirements. The mortgage lender does not require a new appraisal so the value of the home does not matter.
Other Requirements To Qualify For FHA Streamline Refinance
If you recently purchased your home and are interested in doing a FHA streamline refinance mortgage loan, the minimum seasoning period is 6 months. For those homeowners who purchased their homes last year at a high mortgage rate, they can qualify if they have made 6 months of timely mortgage payments. Every homeowner who have rates at or above 5.0% can benefit with a FHA streamline refinance mortgage loan at today’s mortgage rates of 4.25%. For those slightly below the 5.0% mark, please contact me at 262-716-8151 or visit me at www.gustancho.com so we can go over whether you will get a benefit from doing a FHA streamline refinance mortgage loan.