What is an FHA Streamline Refinance?
The FHA Streamline Refinance is a special refinance program only for homeowners with current FHA Home Loans. An FHA Streamline Refinance is the fastest, least expensive, and simplest way for FHA mortgage homeowners to refinance their Home Loans into
today’s lower FHA interest rates.
What are the Benefits of an FHA Streamline Refinance?
Does NOT require a new home appraisal – that saves you $650 to $750 dollars,
Your current employment verification is NOT required which means you do not have to dig-up paystubs, W-2 Statements, or your Tax Returns,
- Only your FHA Home Loan Payment history is verified via your credit report, so the amount of debt and liabilities (a.k.a. DTI ratios) you have does NOT matter, and
Any bank asset verification required is usually only one current bank statement, but this too is not always needed.
What Would Be Your New Interest Rate?
Interest Rates for an FHA Streamline Refinance are based on your new loan amount and your credit score. For example, interest rates can vary between 3.25% for someone with a 780 Credit Score and 5.50% for someone with a 580 Credit Score.
Our goal with the “Zero Closing Cost” program is to save you at least 3/4% to 1% off your current FHA interest rate. Here’s an example of your potential payment savings per month:
• A $350,000 Loan goes from 4.75% to 3.75% (3.81% APR) Interest Rate = $204.86 SAVINGS / MONTH.
• A $450,000 Loan goes from 4.75% to 3.75% (3.81% APR) Interest Rate = $263.39 SAVINGS / MONTH.