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FHA Streamline

Georgia FHA Streamline Mortgage Program

Georgia FHA Streamline Refinance: Popular When Rates Are Low

Many homeowners living in Georgia have decided in recent years to finance their home with an FHA home loan. The Georgia 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 Georgia 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.

Georgia 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 situation is different and must be evaluated on a case by case basis. The easy way to tell if you will need an appraisal or not is this: if your new total loan amount exceeds your original loan amount by 1.5% of the loan amount, you will be required to get an appraisal. Make sure and ask your loan officer up front whether or not an appraisal will be required if you choose to participate in the FHA streamline refinance.

How Much Are Closing Costs For The Georgia FHA Streamline Refinance?

There are costs involved with the Georgia FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. Depending on which choice you choose – these options are known as the Georgia FHA streamline refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. Obviously, the Georgia FHA streamline refinance program is popular only when interest rates have fallen to the point where it makes sense for people to streamline and the benefits outweigh the costs.

Georgia FHA Streamline: Qualifying Criteria

The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage 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 eligible to participate in the Georgia FHA streamline refinance program. Contact your Georgia FHA streamline refinance experts and get qualified for the program today!

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When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

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