Pennsylvania FHA Streamline Refinance: Popular When Rates Drop
In recent years, quite a few homeowners in Pennsylvania are currently in an FHA loan and are taking advantage of the FHA mortgage program. The Pennsylvania FHA streamline refinance allows people who currently have an FHA loan to refinance their home and get a lower FHA interest rate with minimal hassle. The Pennsylvania 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.
Pennsylvania FHA Streamline Refinance: No Appraisal Needed
For people wondering whether or not they will be required to get an appraisal when going through the FHA streamline program, the short answer is “it depends”. 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.
Pennsylvania FHA Streamline Closing Costs
The costs of the Pennsylvania FHA streamline refinance can be rolled into your loan or paid by the lender in exchange for a higher interest rate. These two choices are known as the Pennsylvania FHA streamline refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. Obviously, the Pennsylvania FHA streamline refinance program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.
Pennsylvania FHA Streamline Refinance: 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 most likely eligible to participate in the Pennsylvania FHA streamline refinance program. Contact your Pennsylvania FHA streamline refinance experts and get qualified for the program today!