In this article, we will discuss and cover qualifying for an FHA streamline refinance in Wisconsin with the best rates and closing in two weeks. Gustan Cho Associates offers FHA streamline refinance in Wisconsin with no appraisal, no income with a fast-track no stress mortgage process. The FHA Streamline Refinance in Wisconsin mortgage process is streamlined where only limited documents are required. Homeowners can often skip one or two months’ mortgage payments when they do an FHA streamline refinance in Wisconsin.
FHA Streamline Refinance in Wisconsin Mortgage Process
FHA Streamline Explained: FHA Streamline Loan Program is a fast track special refinance for homeowners with FHA Loans. Gustan Cho Associates offers Streamline Refinances on FHA Loans. It requires no income verification and no home appraisal required. Credit is no issue. The only requirement is that the borrower been timely with their current FHA Loan for the past year. One 30-day late payment on a mortgage is allowed. In this article, we will discuss and cover FHA Streamline Refinance Mortgage Guidelines.
Net Tangible Benefit To Borrowers with Low Rates on FHA Streamline Refinance in Wisconsin
Mortgage rates have spiked up more than 1.0% mid last year. There are many homeowners who have mortgage rates north of 5.0%. FHA Streamline Refinance in Wisconsin may just be the answer to homeowners in saving money. This might be the time to consider an FHA Streamline. Homeowners who currently have mortgage rates over 5.0% can save tens of thousands of dollars by refinancing their current FHA loans with FHA streamline refinance in Wisconsin. FHA streamline refinance in Wisconsin loan programs do not require an appraisal. Nor does the lender require to verify income. Homeowners do need a job but income verification is not required. The main objective of an FHA streamline refinance in Wisconsin is to lower the current mortgage rate where monthly payment reduces.
Bad Credit Okay With FHA Streamline Refinance in Wisconsin
Here are some basic qualification requirements on FHA Streamline Refinance in Wisconsin:
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- Can have outstanding Judgments
- High DTI
- Late Payments Permitted
- Bankruptcy allowed
- Foreclosure of other properties
- Collections
- Charge Offs
- Tax Liens
- No Appraisal Required
Fast Track Refinance Program For Homeowners With Current FHA Loans
The only requirement is that borrowers have timely payments on their current FHA Loan for the past 12 months. The team at Gustan Cho Associates offers FHA streamline refinance in Wisconsin loan programs with no credit scores required. As long as you have been making timely payments on your current FHA-insured mortgage loan for at least six months, borrowers will qualify and get approved for an FHA streamline refinance in Wisconsin.
Lending Requirements on FHA Streamline Refinance in Wisconsin with Best Rates
Many folks ask what if they had a recent judgment, late payments, collections, or other derogatory credit. The only thing that you need to be concerned with for an FHA Streamline Refinance is that you have been paying current FHA Loan on time for the 12 months. One late payment in the past 12 months is allowed. However, timely payments in the past six months. It does not matter whether homeowners have been late with other bills. This holds true as long as the mortgage tradeline has been current.
Debt To Income Ratio Not Required With FHA Streamline Refinance In Wisconsin
FHA streamline refinance does not require the borrower to provide income nor is there any income verification. Streamline Borrowers do not have to worry about having a high debt to income ratios. Overtime income or part-time income is not important on Streamlines. This is because no income verification is required. Debt to income ratios can be 80% or more and borrowers can still qualify for an FHA Streamline refinance mortgage loan.
FHA Streamline Refinance in Wisconsin Requires Net Tangible Benefit
Homeowners who currently have an FHA Home Loan who feel they can benefit from an FHA streamline refinance can contact us anytime at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. We can go over current FHA insured mortgage to determine if the borrower qualifies for net tangible benefit with an FHA streamline refinance in Wisconsin. The Federal Housing Administration requires that the FHA streamline refinance in Wisconsin borrowers have a minimum net tangible benefit of at least 5% savings of their monthly mortgage payment.
Purpose of FHA Streamline Refinance in Wisconsin
As mentioned earlier, to qualify for an FHA streamline mortgage, the homeowner needs to already have an FHA loan. They must have been current for at least six months with no mortgage late payments. Credit scores and income does not matter The purpose to consider an FHA Streamline Refinance is to lower current mortgage payment by lowering current mortgage rates.
What is a Net Tangible Benefit for Homeowners?
Homeowners need a net tangible benefit (savings) of at least 5% savings from the current mortgage payment. Homeowners with FHA mortgage loans with adjustable-rate mortgages can convert the adjustable-rate mortgages into a 30 year fixed rate FHA loan. Borrowers cannot do a cash-out refinance loan. All FHA streamline refinance mortgage loans are rate and term refinance mortgage loans. All original borrowers, including non-occupant co-borrowers, need to be on the new streamline refinance mortgage.
