FHA Streamline Refinance With No Income Check

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This BLOG On FHA Streamline Refinance With No Income Check Was PUBLISHED On October 28th, 2019

FHA Streamline Refinance With No Income Check
Gustan Cho Associates Mortgage News

Home purchase loans and refinance mortgage loans require income documentation, minimum credit score requirements, and asset and liability verification through bank statements and credit reports.

  • There are many homeowners, especially self-employed borrowers who take advantage of the IRS loopholes in writing expenses off on their income tax returns to reduce their tax liabilities
  • This is great in not declaring too much income and avoiding to pay taxes
  • However, it is extremely damaging when it comes to qualifying for a mortgage loan
  • Even W-2 wage earners who claim a large number of unreimbursed expenses can have a very difficult time in qualifying for a mortgage
  • This is due to the large writeoffs on their tax returns
  • Claiming little income, or claiming negative income will affect taking advantage of today’s low mortgage rates by refinancing

In this article, we will cover and discuss FHA Streamline Refinance With No Income Check.

Who Can Qualify For FHA Streamline Refinance With No Income Check

Who Can Qualify For FHA Streamline Refinance With No Income Check

However, for homeowners who have a current FHA loan can now do a refinance mortgage through the FHA Streamline Refinance With No Income Check as well as no credit and appraisal required:

  • FHA Streamline Refinance With No Income Check is a no-hassle fast track refinance program by HUD

HUD has this mentality:

  • if borrowers have been timely with their FHA Loan for the past 12 months
  • they will continue to be timely

HUD does not care if they have been late with any of their other payments with the exception of their FHA Loan.

When Can Borrowers Qualify For FHA Streamline Refinance With No Income Check Mortgage

When Can Borrowers Qualify For FHA Streamline Refinance With No Income Check Mortgage

Homeowners who currently have an FHA loan and had it for the past six months and been timely on FHA loan, they can qualify for an FHA Streamline Refinance with no income check. There no appraisal is required, no credit is required, and no income is required.

  • Homeowners can actually have lousy credit, recent late payments, be in collections and still qualify for the FHA Streamline Refinance Mortgage
  • This is as long as they have no late payments on their current mortgage for the past 12 months
  • Homebuyers who recently purchased home, there is a six-month seasoning requirement in order for you to be eligible for an FHA Streamline Refinance Mortgage
  • Since FHA already appraised the property, a new appraisal is not required
  • Again, credit is not required
  • Homeowners can have bad credit and low credit scores and still get an FHA Streamline Refinance with no income check
  • As for income, income verification is not required
  • Debt to income ratio will not be an issue
  • FHA figures as long as homeowners have been making on-time payments for the past 12 months, they have proven themselves.

Their payments will continue to be on time due to a good track record.

Lower FHA Mortgage Insurance Premium

What are Lower FHA Mortgage Insurance Premium

Mortgage rates are increasing but homeowners still have high mortgage rates in the 7% range.  FHA lowered the annual mortgage insurance premium from 1.35% to 0.85% on January 26. 2015.

  • These two combinations are a winning formula saving hundreds of dollars a year if not thousands
  • Homeowners who currently have an FHA mortgage rate of higher than 6%, they are a great candidate for an FHA streamline refinance mortgage
  • They can definitely get a net tangible benefit
  • Remember that no income is required
  • So the debt to income ratio qualification will not be an issue
  • No appraisal is required so homeowners will save money and time
  • Credit scores are no issue as long as borrowers have been timely on mortgage payments the past 12 months
  • Homeowners who recently purchased their home, a minimum of six months seasoning requirement is necessary
  • All closing costs will be covered and there are no closing costs to the borrower

To apply for an FHA streamline refinance mortgage now, click APPLY NOW FOR A FHA STREAMLINE REFINANCE or contact me at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.  Our staff at Gustan Cho Associates are available 7 days a week, including holidays, evenings, and weekends.

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