FHA Streamline Refinance With No Income Check

This BLOG On FHA Streamline Refinance With No Income Check Was Written By Gustan Cho NMLS 873293

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 mortgage loan borrowers who take the 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 amount of unreimbursed expenses can have a very difficult time in qualifying for a mortgage 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.  However, for homeowners who have a current FHA insured mortgage 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 FHA. HUD figures as long as a FHA Borrower has been timely with their FHA Loan for the past 12 months, they will continue to be timely and will not care if they have been late with any of their other payments with the exception of their FHA Loan.

FHA Streamline Refinance With No Income Check Mortgage

If you currently have a FHA loan and had it for the past six months and have been timely on your FHA mortgage loan, you can qualify for a FHA Streamline Refinance with no income check where no appraisal is required, no credit is required, and no income is required.  You can actually have lousy credit, recent late payments, be in collections and still qualify for the FHA Streamline Refinance Mortgage as long as you have no late payments on your FHA insured mortgage loan for at least 12 months.   If you have recently purchased your home, there is a six month seasoning requirement in order for you to be eligible for a FHA Streamline Refinance Mortgage.  Since FHA already appraised the property, a new appraisal is not required.  Again, credit is not required so you can have bad credit and low credit scores and still get a FHA Streamline Refinance with no income check.  As for income, income verification is not required so the debt to income ratio will not be an issue.  FHA figures as long as you have been making on time payments for the past 12 months, you have proven yourself and the payments will continue to be on time due to your good track record.

Lowest Rate In 20 Months And Lower FHA Mortgage Insurance Premium

Mortgage rates are at a 20 month low and FHA just lowered the annual mortgage insurance premium from 1.35% to 0.85% on January 26. 2015.  These two combination is a winning formula in saving you hundreds of dollars a year if not thousands.  If you currently have a FHA mortgage rate of higher than 4.5%, the chances are that you are a great candidate for a FHA streamline refinance mortgage and can definitely get a net tangible benefit.  Remember that no income is required so the debt to income raito qualification will not be an issue.  No appraisal is required so you will save money and time.  Credit scores is no issue as long as you have been timely on your mortgage payments the past 12 months.  If you recently purchased your home, a minimum of six months seasoning requirement is necessary.  All closing costs will be covered and there is no closing costs to you, the borrower.  To apply for a FHA streamline refinance mortgage now, click APPLY NOW FOR A FHA STREAMLINE REFINANCE or contact me at 262-716-8151.  My staff and I are available 7 days a week, including holidays.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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