The FHA Streamline refinance has always been a great loan option, but it just got even better. The FHA Streamline has been one of the more easy to qualify for refinance programs.
Like the name implies it streamlines the refinance process. When you compare it to conventional refinance options there are some advantages. You often times don’t need an appraisal, no income verification, employee verification, or underwriting fees. Almost no out of pocket costs and very little paperwork, even though with all those helping factors there were unfortunately people who were left out. The hurdles were the upfront mortgage insurance premium or the FHA PMI premium and the monthly mortgage insurance payments. Things changed on June 11th 2012 when the FHA Streamline lowered their mortgage insurance requirements. In fact the PMI went down all the way to .01%, which opened the door for more people to be able to refinance their FHA loan with a Streamline refinance. With PrimeLending of Springfield Missouri we are your FHA Streamline specialists. Our office is located in Springfield however we serve Nixa, Ozark and the rest of the state of Missouri. To qualify the only requirements are that it only works on existing FHA loans that closed before 6-1-2009, a credit score of at least 620, you must be employed and have a good history of making your mortgage payments. These makes loose requirements make it easier to qualify and benefit from a FHA Streamline Refinance. Here are some of the advantages of a FHA Streamline with the new changes from June 11th
- Lower rate, so lower monthly payments
- No appraisal fees
- No income requirements
We look forward to helping you with your FHA Streamline refinance needs. Please use the Mortgage Assistant on our website to let us know about you. From there we can start the process to move you into a lower rate and save you money each month on your mortgage payments.