Florida FHA Streamline Refinance: Streamline Means Easy
Many homeowners living in Florida are currently in an FHA loan and are taking advantage of the FHA mortgage program. The Florida FHA streamline refinance allows people who currently have an FHA loan to refinance their home and get a lower FHA interest rate without having to completely re-qualify for a new FHA loan. The Florida FHA streamline refinance is known as a “no income, no asset, no credit score” refinance because it doesn’t require that you provide any information about these things.
Florida FHA Streamline Refinance: Appraisal Not Required
While some people may not be required to obtain an appraisal when participating in the FHA streamline program, each sitaution is different and must be evaluated on a case by case basis. When you go through the program, if your new total loan amount exceeds your original loan amount by 1.5% of the loan amount, you will need an appraisal. In order to be sure if you will need an appraisal in your situation, speak with your loan officer as to whether or not an appraisal will be required for your new loan.
Closing Costs For The Florida FHA Streamline Refinance
There are costs involved with the Florida FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. These two choices are known as the Florida FHA streamline refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. Usually, when a person participates in the Florida FHA streamline refinance program, they will still be in a FHA 30 year fixed rate loan with an interest rate that is lower than what they had before which generally means up to hundreds of dollars in savings each month.
Florida FHA Streamline Refinance: The Main Eligibility Criteria
The primary criteria for being eligible for the Florida FHA streamline refinance are that you have to had lived in the property and you can’t have more than 2 thirty day late payments in the last 12 months. If you currently live in the property and have less than 2 thirty day late payments in the last 12 months you are probably going to be considered eligible to participate in the Florida FHA streamline refinance program.
Contact your Florida FHA streamline refinance experts and get qualified for the program today!