Texas FHA Streamline Refinance
All across Texas, the FHA streamline refinance is becoming more popular because of the number of people who have an FHA mortgage loan and live in Texas. Many people are in the position where they can take advantage of lower interest rates by using the Texas FHA streamline refinance mortgage program.
The FHA streamline refinance program was designed to help people living in Texas get in a better overall financial situation and lower their monthly mortgage payment without needing to completely re-qualify for a new loan. With the FHA streamline program, there is no asset verification, no employment verification, no income verification, and no minimum credit score required.
Texas FHA Streamline: No Asset Documentation Required
When you first got your FHA loan, you were required to document all of your liquid and non liquid assets. Things like checking accounts, savings accounts and 401k accounts — and even more if you have them. When you do an FHA streamline refinance, you are not required to document your income – no matter how much money you have in the bank, it is still possible to do an FHA streamline refinance.
Texas FHA Streamline: The Primary Eligibility 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.
Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the FHA streamline program and will probably need an appraisal unless you can qualify for the FHA streamline program without appraisal.
Texas FHA Streamline: No Out Of Pocket Closing Costs
When you go through the FHA streamline program, there are costs involved – but you are not required to pay those costs out of pocket, they can be rolled into your loan. This is also known as the Texas FHA streamline program with no out of pocket closing costs or the FHA streamline program with no closing costs.
Texas FHA Streamline Program: Is An Appraisal Required?
It may or may not be required that you get an appraisal when you do an FHA streamline refinance – here is how you won’t need an appraisal: if your new total loan amount exceeds your original loan amount by 1.5% or less — you will not be required to get an appraisal. So, if you originally had a $100,000 loan, your new loan amount cannot exceed $101,500 or you will need a new appraisal on your property when you go through the FHA streamline program.
Texas FHA Streamline Refinance: No Income Documentation Required
When you participate in the FHA streamline program, you are not required to document your income. FHA has designed the program to allow people who have been good borrowers to take advantage of interest rates when they drop regardless if you have changed jobs or simply don’t make as much money as you used to. Whether you have been on the job 1 year or 20 years, it won’t matter — and it won’t matter if your income has recently dropped since you got your FHA loan.
Find out more about the Texas FHA streamline program by speaking with one of our Texas FHA streamline experts today!