The Federal Housing Administration or the FHA streamline refinance is a type of US government mortgage refinancing option being offered today. This program offers a lot of benefits for homeowners who are struggling to make their current mortgage payments. The FHA Finance Riverside experts are providing the assistance needed for homeowners to benefit from the program.
Here’s what you need to get started on the FHA streamline refinance program:
What Is FHA Streamline Refinance?
The government program is considered as the easiest and also the fastest way to secure a refinance on a current FHA loan while also lowering the monthly payment rates. The main purpose of the FHA streamline refinance program is to help homeowners save time and money through simplifying and streamlining the process of refinancing.
What Are The Benefits?
With this program there is no need to fill out paperwork, provide proof of income, employment, to verify a bank account. Homeowners with an existing FHA loan are already seen as credible and have a good credit risk. Without the need to file for more paperwork, the approval process becomes easier for everyone.
There is also no need to spend for an appraisal when applying for the refinance which saves applicants money. Once the refinance application is approved, the monthly payment premiums are reduced. This allows those who are struggling with their current monthly payments to finally make their mortgage payments on time.
Who Qualifies For The Program?
Despite the reduced paperwork, all US government programs still require some qualifications for each candidate. Here are some of those basic requirements:
An Existing FHA Loan – All applicants must already have an FHA loan to qualify. If you currently do not have an FHA loan as your mortgage it is impossible to apply for a refinance. All loans must be at least 210 days to qualify for the program.
Excellent Payment Record – Candidates should have already made at least 6 payments on their current loan and have never missed one payment since the start. Although many lenders will not approve borrowers with delinquent payments, some consider those who have paid their dues within the 30 days after the deadline.
Proof Of Net Tangible Benefit – The program is not a cash-out which means the candidate must have a legitimate reason for the refinancing. This is a qualification a lender can explain in great detail since it can be confusing for many borrowers.
How To Secure An FHA Streamline Refinance
The best way to secure a streamline refinance loan is to work with FHA finance Riverside experts with your best interest in mind. Homeowners who do not meet the minimum requirements for the loan application still have some hope. A consultation with a lender will give clarity and options to ensure you have a better chance of getting loan approval.
The ultimate goal of the program is to lower the monthly premium payments of FHA borrowers. This is to ensure that all refinanced mortgages are paid on time without the homeowners struggling.
Secure Choice Lending can help you lower the interest rates on your mortgage. If you’re considering FHA Finance Riverside, contact us today and let’s discuss the next best step to take.