Key Benefits of an FHA Streamline Refinance
Minimal Documentation: The streamlined process requires less paperwork than a traditional refinance, saving homeowners valuable spent time collecting and sharing documents.
Efficient Processing: The streamlined process often results in swift closing times, sometimes within 30 days or less.
Lower Monthly Payments: Refinancing to a lower interest rate can substantially reduce your monthly mortgage payments, freeing up cash flow for other needs.
Who is Eligible for an FHA Streamline Refinance?
To qualify for an FHA Streamline Refinance, you must meet the following criteria:
- Existing FHA Mortgage: You must currently have an FHA-insured mortgage.
- Current Mortgage: Your mortgage must be current, with no late payments in the past 12 months.
- Waiting Period: You typically need to have made at least six mortgage payments on your current FHA loan.
- Net Tangible Benefit: You must demonstrate a “net tangible benefit,” meaning the refinance will result in a significant reduction in your monthly payments or a switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
Credit Score Requirements
Most lenders prefer a credit score of at least 620, though some may consider lower scores depending on compensating factors.
Is an FHA Streamline Refinance Right for You?
If you have an FHA loan and are looking to lower your monthly payments with minimal hassle, an FHA Streamline Refinance could be an excellent option. Contact Intelliloan, Inc. to discuss your circumstances and determine if this refinance is the right fit for your financial goals. Call 833-984-2471.
Disclosures:
Intelliloan, Inc. NMLS ID # 3290. For licensing information, go to: www.nmlsconsumeraccess.org. Intelliloan is located at 500 N. State College Blvd. Suite 1400, Orange, CA 92868. Call toll free at: (888) 417-8562. Loan program restrictions apply. Loan subject to verification, credit approval, and acceptable collateral. This is not a credit decision, an offer, or a commitment to lend. Your rate, fees, and other terms will depend on various factors. By refinancing the consumer’s existing loan, the consumer’s total finance charges may be higher over the life of the loan. Intelliloan, Inc. is a FHA/VA approved lender and is not acting on behalf of or at the direction of FHA/VA or the Federal government. Not available in all states. All rights reserved. © 2024. Equal Housing Lender.
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