Grove Mortgage Home Loans in San Antonio, Texas
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San Antonio FHA Streamline Refinance

FHA mortgage refinance loans.

FHA Streamline Refinance Loan in Texas

Do you have a FHA Loan and Want to Reduce Your Monthly Payments each month?

An FHA Streamline Refinance may be the choice for you!

Homeowners with existing FHA mortgages may be eligible for an FHA Streamline Refinance. This program provides an opportunity to get better mortgage terms then their current FHA mortgage.

With an FHA loan, you can finance up to 97.75% of the home value to reduce your current rate or current mortgage term, which is a higher percentage than a conventional loan.

FHA loans are often more flexible than other programs.

  • Refinance into a lower rate and payment
  • Convert you FHA ARM into a fixed rate
  • Convert you 203(k) rehab loan into a 203(b) FHA loan
  • Shorten your loan term

What is an FHA Streamline Refinance Program?

The Federal Housing Administration has allowed FHA streamline refinances on federally insured mortgages since the early 80’s. Given that, many FHA homeowners have utilized this program to lower their interest rate with relatively low or no costs. The FHA Streamline Refinance Program has made it easy for borrowers to save thousands of dollars on their mortgage interest. The term “streamline” simply means there is very little documentation and underwriting that needs to be performed by the lender. No appraisal & no income verification required.

See the documents needed for a FHA Streamline Refinance Home Loan.

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Why choose Grove Mortgage for Refinancing your FHA home loan refinance?

Our headquarters is located in San Antonio, Texas and are a VA Approved lender and Licensed Mortgage Broker and have been specializing in VA Loans throughout Texas since 2002.

We can help you refinance with expert service, fast closing and very low fees and very low fees and proudly boasts an A+ rating from the Better Business Bureau.

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FHA Streamline Refinances have many advantages

  • FHA Streamlines don’t require an appraisal.
  • FHA Streamlines don’t require proof of income or assets
  • FHA loans never carry a pre-payment penalty
  • Owe more on your loan than the house is worth? No problem, you can still refinance.
  • FHA Streamline Refinance allows you to skip your next month’s mortgage payment!
  • Very limited documentation to help you qualify

Criteria for Qualifying

  • You have to live in the house you are refinancing.
  • You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
  • You have not completed an FHA Streamline Refinance in the past 6 months.

Documentation for a FHA Streamline Refinance

  • Driver’s license/SS card 
  • HUD-1 Closing statement 
  • Deed of Trust
  • Mortgage statement
  • Mortgage Note 
  • Insurance information

Why do a FHA Streamline Refinance in San Antonio?

The two main reasons are 1) to reduce your interest rate or 2) to change loan programs, such as from a 30 year term to 15, or from an adjustable rate to fixed.  This is of course a No-Cash-Out refinance; however we do offer the full FHA refinance to get Cash Out(though this will require an appraisal, and full qualification). By the way, the amount of times you may Streamline Refinance is unlimited.

What are the Disqualifications for a VA Streamline Refinance Loan?

  • Judgments - Must be cleared before qualifying.
  • Liens against your property - Must be cleared before qualifying.
  • Late payments - You'll be disqualified if you missed more than ONE 30 day late payment on your mortgage in the last 12 months.

Mortgage Calculator

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With or Without an Appraisal?

Many people choose a FHA Streamline Refinance because they can refinance with no out-of-pocket costs. This is offered in two ways: the costs can be covered by the lender in exchange for a slightly higher interest rate, or the costs can be included in the new loan if the property has sufficient equity.

FHA Streamline Without Appraisal

If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Hence, you will need to be prepared to pay your closing costs out of pocket.

FHA Streamline with Appraisal

The advantage of doing an FHA Streamline Refinance with an appraisal is that you are able to roll your closing costs into the loan. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent.

Every client's situation is different and handled with a unique, personalized approach. As a San Antonio, Texas based Mortgage Broker we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.

Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.


Grove Mortgage Home Loans of San Antonio