FHA Streamline Refinance Mortgage Florida With Limited Documents

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This BLOG On FHA Streamline Refinance Mortgage Florida With Limited Documents Was UPDATED On November 29th, 2018

What is FHA Streamline Mortgage Refinancing in Florida with a limited number of documents

Florida homeowners with FHA Loans that closed on their home loans prior to January 26, 2015, don’t miss an opportunity to get an automatic 0.05% reduction in their Florida FHA Annual Mortgage Insurance payment as well as a rate reduction.

  • There’s never been a better time to get the most bang for their buck on an FHA streamline refinance mortgage in Florida with limited documents required
  • Most Florida FHA Streamline Refinance Mortgage can be done in a matter of 2 weeks because no appraisal and no income docs are required
  • The only requirement on an FHA Streamline Refinance Mortgage in Florida is that you show that you have paid your FHA Loan timely for the past 12 months
  • There is a no credit score FHA Streamline Refinance Mortgage in Florida available where no matter what the borrower’s credit scores are, homeowners can still qualify
  • You can have late payments on any credit tradelines with the exception of your FHA mortgage loan payments and still qualify

In this article, we will discuss and cover the guidelines on FHA Streamlines.

Homeowners Who Are Current On Their FHA Loan In Florida Should Consider FHA Streamline Refinance

Florida homeowners who currently have an FHA home loan and are looking to refinance their FHA Loan in order to reduce their monthly payments through lower interest rates as well as benefit from the lower FHA annual mortgage insurance premium, FHA offers two streamline products.

  • Both are available with no income and reduced credit verification
  • Florida homeowners do not have to provide paycheck stubs and debt to income ratios is not calculated with a Florida FHA Streamline Refinance Mortgage

Underwater Mortgages

What are underwater mortgages?

Many borrowers whose home mortgages are underwater (the homeowners owe more on their mortgage balance than the property will appraise for) are taking advantage of the Florida FHA Streamline Mortgage without appraisal to reduce their monthly payment.

  • This is a process where the home loan is not based on the appraised value but the current FHA loan amount
  • The United States of Housing and Urban Development (HUD)  understands many homeowners have been hit hard by their homes losing value
  • HUD has made this available to anyone that has an FHA home loan
  • However, the streamline without an appraisal does not allow you to finance your closing costs and repopulate your escrow fund
  • These are “costs” the homeowner is responsible for and can be significant
  • You will also get the refund of your escrow account from your current loan servicer

That’s a check to you from your current servicer.

FHA Streamline With Appraisal In Florida

Homeowners with an FHA Loan can get a FLORIDA FHA Streamline with a home appraisal if they need the following:

  • In the event, the home is secured by an FHA loan
  • The homeowner need to add the closing costs of the into the new FHA Loan
  • FHA streamline refinance with an appraisal is done if they need a higher value on their home due to other reasons
  • FHA Streamline Refinance in Florida is a great way to reduce the monthly payment and not have to come out of pocket except for the cost of the appraisal (which most lenders will credit you at the closing table)
  • Streamline refinance with an appraisal will allow homeowners to add in lender closing costs as well as being able to fund escrow account (tax and insurance payments)
  • Homeowners will also get the refund of their escrow account from their current loan servicer
  • That’s a check to the homeowner from the current servicer

Don’t miss this historic opportunity to reduce monthly mortgage payment with the automatic 0.05% reduction in your mortgage insurance payment and the current low rates available.

FHA Streamline Refinance Mortgage Florida With Bad Credit

What does FHA mean? Improving Florida mortgage refinancing with bad credit

FHA Streamline Refinance is very streamlined and any Florida homeowner with an FHA Loan qualifies as long as they meet the following requirements:

  • Florida homeowners can qualify for a FLORIDA FHA STREAMLINE REFINANCE MORTGAGE with bad credit
  • As long as they have been current on their current FHA Loans for the past 12 months, bad credit, late payments, recent bankruptcy, foreclosures, charge offs, collection accounts do not matter
  • One 30-day late payment is allowed in the past 12 months on their current FHA Loan in Florida
  • Homeowners get to skip two monthly payments after they do their Florida FHA Streamline Refinance Mortgage
  • Funds in escrow accounts and credit from their Upfront FHA Mortgage Insurance Premium will get refunded to the homeowner
  • There is no income verification with FHA Streamline Refinance Mortgage Florida
  • There is no home appraisal required with Streamline Refinance Mortgage
  • There are no closing costs with Florida FHA Streamline Refinance Mortgages
  • We cover the closing costs on all Streamline Refinance Mortgage Loans

Florida homeowners who want to know whether they will benefit from a Florida FHA Streamline Refinance Mortgage, contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Borrowers can also email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.

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