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.
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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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.
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.
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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.
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.
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.