FHA Streamline Refinance Loan: No Credit Or Income Required
FHA Streamline Refinance Loan Explained:
Mortgage rates have spiked up more than 1.0% mid last year and there are many homeowners who have mortgage rates north of 5.0%. FHA Streamline Refinance Loan may just be the answer to homeowners in saving money. This might be the time to consider a FHA streamline refinance mortgage loan. If you currently have a FHA insured mortgage loans with mortgage rates over 5.0%, you can save thousands of dollars by refinancing your current FHA insured mortgage loan via FHA streamline refinance. FHA streamline refinance loan programs do not require an appraisal or nor does the mortgage lender require to verify your income. You do need a job but income verification is not required. The main objective on a FHA streamline refinance loan is to lower your current mortgage rate where your monthly payment reduces.
Bad Credit Okay With FHA Streamline Refinance Loan: Judgment, High DTI, Late Payments Permitted, No Appraisal Required
I offer FHA streamline refinance 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, you will qualify and get approved for a FHA streamline refinance loan. 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 a FHA Streamline Refinance mortgage loan is that you have been paying your current FHA insured mortgage loan on time for the past six month. It does not matter whether you have been late with your other bills as long as your mortgage tradeline has been current.
Income Qualification: Not Required With FHA Streamline Refinance Loan
FHA streamline refinance mortgage loans does not require that the mortgage loan borrower provide income nor is there any income verification. You do not have to worry about having high debt to income ratios, or whether your overtime income or part time income qualifies. Your debt to income ratios can be 80% and you can still qualify for a FHA Streamline refinance mortgage loan.
FHA Streamline Refinance Loan: Net Tangible Benefit
If you feel you can benefit from a FHA streamline refinance mortgage loan in Illinois, Florida, Wisconsin, Indiana, or California, contact me at 262-716-8151 or at www.gustancho.com . I can go over your current FHA insured mortgage loan and see if you can have a net tangible benefit in going through a FHA streamline refinance. The Federal Housing Administration requires that the FHA streamline refinance mortgage loan borrower have a minimum net tangible benefit of at least 5% savings of their monthly mortgage payment.
Purpose Of FHA Streamline Refinance Loan
As mentioned earlier, to qualify for a FHA streamline refinance mortgage loan, the homeowner needs to already have a FHA insured mortgage loan and must have been current for at least six months with no mortgage late payments. Your credit scores and income does not matter. The purpose to consider a FHA Streamline Refinance Mortgage Loan is to lower your mortgage payment by lowering your current mortgage rates. You need a net tangible benefit (savings) of at least 5% savings of your 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. Mortgage loan borrowers cannot do a cash-out refinance loan. All FHA streamline refinance mortgage loans are rate and term refinance mortgage loans.