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!